Godrej Properties Ltd (GPL), the real estate arm of the Godrej Group, is soon launching a residential real estate project having 2 lakh sqft of sales potential on the land parcel it acquired by purchasing Raj Kapoor (RK)’s bungalow in Chembur area of Mumbai in February 2023. The project built on RK's bungalow is estimated to have a sales boking value of Rs 500 crore, according to the regulatory filing made by the company on the stock exchange.
Additionally, the company also has plans to enter the Hyderabad real estate market, Pirojsha Godrej, Executive Chairperson of GPL, announced during the Q2 FY24 earnings conference call on November 02, 2023.
RK Bungalow
GPL on February 17, 2023 announced that it had acquired RK’s Bungalow in Chembur area of Mumbai to develop a premium residential project. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor – legendary Indian actor, film director, and producer, the company had said in a statement.
The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to the Tata Institute of Social Sciences (TISS) and is considered to be one of the most premium residential neighbourhoods of Chembur. Similarly, in May 2019, GPL had acquired R K Studios in Chembur, Mumbai, from the Kapoor family to develop a premium mixed-use project, Godrej RKS.
Further, during the Q2 FY24 earnings conference call on a question related to launches in subsequent months followed by large projects in the second half of the year, the company said that one of the upcoming launches is of the RK Bungalow in Chembur.
"Some of the big ones that we are looking forward to -the first one is 49 Gurgaon. This is in the advanced stages of approval. And our idea internally is to try and do a sort of a Q3 launch. Then we have the Raj Kapoor bungalow acquisition that we had done in Chembur. That would be another upcoming launch," Gaurav Pandey Managing Director and CEO of GPL said during the call.
Also read: MC Exclusive: Godrej Properties acquires Raj Kapoor’s bungalow in Chembur for Rs 100 crore
Hyderabad plans
The company says it has distinct strategies for group housing and for plotted development. GPL wants to focus on the top five-six markets.
"These markets are Mumbai, NCR, Bangalore, Pune, which we're already in, Ahmedabad, and Kolkata, where we are in a smaller scale, and possibly add Hyderabad to that," Pirojsha Godrej said in the call.
"We would also like to enter the Hyderabad market at some stage. But in many markets we feel we do have a strong portfolio and it will be a little bit more about ensuring replacement level kind of business development, rather than the very disproportionate business development we did," Godrej added.
Also read: CIDCO cancels allotment of two Navi Mumbai plots to Godrej Properties
New projects pipeline
As of Q4 FY2022-23, the company had added 18 new projects with an expected future booking value of over Rs 32,000 crore in cities like Pune, Mumbai Metropolitan Region, Delhi NCR, Nagpur, and Bengaluru. The cumulative sales potential in terms of area is 28.91 million sqft, according to the regulatory filing.
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