New Delhi: Realty firm Godrej Properties Ltd has partnered with a landowner to develop an 18-acre housing project in the Mumbai region with an estimated revenue potential of over Rs 7,500 crore, as part of its expansion plan. In a regulatory filing on Monday, the Mumbai-based company informed that it has "entered into a joint development agreement to develop an 18-acre land parcel in Thane, Mumbai.
The company did not name the landowner with whom it has signed the agreement. "The proposed development will be a largely residential project with an estimated revenue potential of over Rs 7,500 crore," it said. To expand its business, Godrej Properties buys land outright and also enter into joint development arrangement with landowners to develop housing projects.
Gaurav Pandey, MD & CEO of Godrej Properties, said, "Strategic expansions in high-potential micro- markets are central to our growth strategy and our focus on creating enduring value for homebuyers." Thane has evolved into one of the most attractive locations in the Mumbai Metropolitan Region (MMR), he said, adding that the upcoming project would be the fourth in Thane.
Godrej Properties is one of the leading real estate developers in the country. Its sales bookings rose 25 per cent to Rs 24,008 crore in the first nine months of this fiscal and it is confident of meeting the target of Rs 32,500 crore for the full 2025-26 fiscal.
Disclaimer: This story is from the syndicated feed. Nothing has been changed except the headline.
