Godrej Properties Buys 3-acre Land In Mumbai For Residential Project.

New Delhi: Godrej Properties Ltd has purchased a 3-acre land in Mumbai for a housing project.

The company will develop the project having a saleable area of 41,800 square meters (0.45 million square feet),. There will be apartments of various configurations and also a small retail area.

The land has been purchase in Chandivali-Mumbai.

“We are happy to add this new project in Chandivali, which fits well with our strategy of deepening our presence in key markets across India's leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents," said Pirojsha Godrej, executive chairman, Godrej Properties in a statement.

Recently while replying an investor query, Godrej had said that it was very satisfied with the company’s progress and performance in its home market and hoped that the Maximum City will become its largest market. 

“I think overall, internally, we are a bit dissatisfied with the progress we've made in Mumbai. I think we could have done more and could have done it faster… a city like Mumbai, which has historically been the largest real estate market in the country and is, of course, our home market Is a very important area of focus, and we'll probably, with the combination of Vikhroli plus all the other opportunities we have in Mumbai be the company's biggest market going forward,” he had said. 

The company recently inked a joint venture for a township project in Navi Mumbai. It has also joint ventures for two housing projects in Ambernath and Thane in Mumbai recently.  

Company’s net profit jumped 9.2 percent at Rs 45.5 crore in the third quarter of the current financial year as against Rs 41.6 crore in the corresponding quarter of the previous financial year.

GPL’s revenue increased 12.6 percent at Rs 383 crore for the third quarter of the current financial year as against Rs 340.1 crore in the corresponding quarter of the previous financial year. 

 

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