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Godrej Properties has bought an 18.6 acre land parcel at Kandivali, in Mumbai for around 750 crore. The company has bought the land to develop a luxury housing project.

Godrej Properties on Friday informed about the land transaction but did not disclose the total deal value.

Market sources and property consultants said the land deal was struck at around 750 crore.

"This is the 8TH project addition for GPL in FY 23 and takes the cumulative expected booking value from projects added in FY 23 to approximately 16,500 crore as against its full year guidance of adding projects with a booking value potential of 15,000 crore," the company said in its regulatory filing.

The company has been aggressively buying land outrightly and also entering into joint development agreements (JDAs) with landowners to create future development pipelines.

Godrej Properties expects sales revenue of about 7,000 crore from this upcoming 18.6-acre project, which would have a developable potential of about 3.72 million square feet.

The project will comprise primarily premium residential apartments with supporting retail spaces.

Godrej Properties had given a full-year guidance of adding projects with a booking value potential of 15,000 crore.

Mohit Malhotra, MD & CEO, Godrej Properties, said this project will allow us to significantly increase our market share in Mumbai over the next several years.

The company focuses on four key markets -- Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune, although it has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur as well.

Godrej Properties has set a target of 10,000 crore sales bookings for 2022-23, as against 7,861 crore registered during the last fiscal year.

It has recorded 60 per cent growth in sales bookings during the first half of this fiscal year at 4,929 crore, as against 3,072 crore in the year-ago period.

Godrej Properties Executive Chairman Pirojsha Godrej in an interview with news agency PTI had said that the housing demand continued to be strong despite a hike in interest rates on home loans.

He expected robust sales bookings in the second half of this fiscal.

On the financial front, Godrej Properties has reported a 54 per cent increase in consolidated net profit at 54.96 crore in the quarter ended September 2022 on higher income. The net profit stood at 35.73 crore in the year-ago period while total income also rose to 369.20 crore in the second quarter, from 334.22 crore a year ago.

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