Godrej Properties Buys 18 Acre Plot of Land in Kandivali, Mumbai

Godrej Properties has purchased around 18 -acre property plot in Kandivali, Mumbai, on outright basis.

The development will mostly consist of luxury residential flats with retail areas. This will be one of GPL's biggest residential constructions and considerably increases its footprint in Mumbai's western suburbs.

This is the eighth project addition for Godrej Properties in fiscal year 2023, bringing the overall estimated booking value of projects added in fiscal year 23 to about Rs 16,500 crore, compared to its full-year projection of adding projects with a possible booking value of Rs 15,000 crore.

Mohit Malhotra, Managing Director and Chief Executive Officer of Godrej Properties, said,

The site is ideally located in a great area with easy access to the Western Express, metro, and suburban train stations.

Although the company refused to disclose the location of the land parcel, it stated that it is strategically located in a prime location with access to the Western Express Highway, Metro & Suburban Railway Stations, and offers access to a well-developed social and civic infrastructure with multiple schools, health facilities, and shopping malls. According to market sources, the land was obtained from a gau rakshak public trust and is situated off Akurli Road in Kandivali near the ESIS hospital.

Godrej Properties, which is also constructing the landmark RK Studios in Chembur, has been actively acquiring land parcels across cities to create new projects. In November 2022, it bought three separate pieces of property in Noida, Pune, and Palghar, aggregating 74 acres of land. In an online auction, it purchased 12,4 acres of land in Noida for 377 billion. It also bought a 12-acre plot of land in Pune's Mundhwa East for the development of a luxury group home project with a potential income of 2,000 crore. In addition, 50 acres were added to the Manor-Palghar belt for residential construction near to the Mumbai-Ahmedabad Highway.

In September 2022, it bought a 7-acre plot of land along the old airport road in Bengaluru's Indiranagar expansion for the development of a luxury residential complex. It further claimed that the sale of 700 houses in two projects it launched in Thane and Wadala generated over 1,200 crore in income.

The Wadala property is an 8.5-acre parcel that is part of RNA Developers' initial Azad Nagar Chawls rehabilitation project. The Brihanmumbai Municipal Corporation terminated the tripartite agreement and sought a new developer after RNA failed to build the primary plot after announcing the project in 2002. The citizens' objections forced the corporation to dissolve the deal and seek a new developer.

The project in the just acquired Kandivali location plot would have a developable capacity of over 3.72 million square feet and an anticipated income potential of about INR 7,000 crore.