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Realty firm Godrej Properties on Friday said it has acquired 18.6 acres of land parcel in Kandivali, Mumbai. According to the company's statement, "The project will have a developable potential of 3.72 million sq feet (approx) with an estimated revenue potential of around 7,000 crore".

The company informed exchanges that the development will comprise primarily premium residential apartments with supporting retail spaces.

Godrej Properties, which is part of the business conglomerate Godrej group, is one of the leading real estate developers in the country.

According to a regulatory filing, the company claimed that it is the 8th project addition for Godrej Properties in FY23 and "take the cumulative expected booking value from projects to 16,500 crore in FY23", it added.

"We are pleased to announce the addition of this large and strategically important project in Mumbai. This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets," Mohit Malhotra, MD & CEO, Godrej Properties said in a statement.

The land is strategically placed in a prime locality with excellent access to the Western Express Highway, Metro and Suburban Railway Stations. It offers access to well-developed social and civic infrastructure with multiple schools, health facilities, retail malls, and entertainment outlets.

Last month, Godrej Properties acquired 12 acres of land in Pune for the development of a housing project that has an estimated sales revenue potential of about 2,000 crore.

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