Godrej Properties targets Rs 1,000 cr sales revenue from new housing project in Mumbai

Realty firm Godrej Properties Ltd will develop a new housing project at Kandivali East in Mumbai with an estimated sales revenue of Rs 1,000 crore.

In a regulatory filing, Godrej Properties on Thursday said it has extended an existing arrangements with Shivam Realty to develop a residential group housing project, off Akurli crossroad at Hanuman Nagar, Kandivali East.

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"The new project will have an estimated booking value potential of approximately INR 1,000 crore," Godrej Properties said.

This project is an extension of Godrej Tranquil and Godrej Nest, and will offer about 7 Lakh square feet of saleable area.

Mohit Malhotra, MD & CEO, Godrej Properties, said, "We are pleased to add this project to our portfolio. Kandivali is a developed micro-market and extending our existing projects in the location fits well with our strategy of deepening our presence in key micro markets across India.?

In the last few months, Godrej Properties, the largest listed realty firm during the 2020-21 fiscal in terms of sales bookings, has acquired many new projects through outright purchase of land parcels and also through joint ventures with land owners.

The company is likely to achieve all-time high sales bookings in the last financial year, beating the record of Rs 6,725 crore achieved in 2020-21 fiscal year.

Housing sales have improved significantly after the second wave of the COVID pandemic.

According to property consultant Anarock, housing sales across the top seven cities rose 71 per cent year-on-year in 2021 to 2,36,530 units.

PropTiger.Com said that housing sales across eight major cities increased 13 per cent to 2,05,936 units in 2021.

The sales momentum has continued in the January-March period of 2022.