Leading developer Godrej Properties has acquired its first parcel of land in Versova, a residential suburb in Mumbai's Andheri West region, for a project that has an around 4.4 lakh square feet saleable area for residential homes, with an estimated revenue potential of Rs 1,350 crore, a company filing has said on April 4.
Gaurav Pandey, MD & CEO, Godrej Properties sounded confident of the future prospects of the region's growth potential, and demand trajectory. “This is our first land acquisition in Versova and reflects our confidence in the area's potential. It further strengthens our presence in Mumbai and aligns with our growth strategy, which focuses on delivering high-quality developments in high-demand micro-markets," said Gaurav Pandey.
"This project is estimated to have a developable potential of ~4.4 Lakh square feet of saleable area,
comprising primarily of premium residential development of various configurations, with an estimated revenue potential of Rs 1,350 crore, on the basis of current business assumptions," Godrej Properties said in the statement.
Read More: Godrej acquires 10 acres of land in Bengaluru, eyes Rs 2,500 crore revenue potential
Versova is a highly desirable locality in Mumbai's Western suburb, offering connectivity via Metro, Western Express Highway, and the Link Road. The proposed 'Bandra-Versova Sealink' (BVSL) too is expected to enhance connectivity to other regions of Mumbai.
Read More: Godrej Properties sells Rs 2,000 crore worth of homes at launch of Noida luxury project
The December quarter was the sixth consecutive quarter in which Godrej Properties delivered more than Rs 5,000 crore of booking value.
Godrej Properties has been focusing on the Mumbai Metropolitan Region (MMR) as one of its leading markets along with Delhi-NCR, Bengaluru, and Pune, with land purchases and joint development in the pipeline.
Calendar year 2024 was a record year for Godrej Properties with a booking value of Rs 28,800 crore, an YoY growth of 69%, and a sale of 26.38 million square feet area. The company said this was the highest-ever booking value and volume by any listed real estate developer in India in a calendar year.
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