Shares of Godrej Properties Ltd. will be in focus today as the real estate company announced that it has entered into a development agreement for a prime land parcel in Marine Lines, South Mumbai. This is for a proposed luxury housing project spanning 2.5 acres of land, with an estimated overall revenue potential of around Rs 6,000 crore.
The project will be developed in one of Mumbai's prominent residential micro-markets and will add another luxury housing opportunity to Godrej Properties' portfolio in South Mumbai.
Luxury Housing Project In Marine Lines
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
According to the press release, Marine Lines has limited land availability and is known for its established neighbourhood, heritage character and location along Mumbai's coastline. The area also offers connectivity to key business, cultural and lifestyle hubs in the city, including through the Coastal Road.
Godrej Properties said the proposed development will be positioned as a luxury housing project. The company pointed to the response received by its existing projects, Godrej Trilogy in Worli and Godrej Avenue Eleven in Mahalaxmi, as an indication of demand for premium residences across South and Central Mumbai.
Godrej Properties MD & CEO, Gaurav Pandey, said, "Mumbai continues to be a key market for us, and our premium and luxury projects in the city have seen a consistently strong response. Our tailor-made developments for South Mumbai have been particularly well received, which gives us confidence in the long-term attractiveness of well-located, high-quality homes in this market. Marine Lines is one of the city's most prestigious addresses, and we are delighted to add this landmark opportunity to our portfolio."
The estimated revenue potential of around Rs 6,000 crore is based on the company's current business assumptions.
Godrej Properties' Recent Execution
The announcement comes days after Godrej Properties highlighted its execution in the Delhi-NCR residential market. On Sept. 23, the company announced that it had delivered over 3,000 homes in Delhi-NCR over the previous 12 months.
It also marked the 100th home handover at Godrej Nest in Sector 150, Noida, where 120 families had received keys over the preceding few weeks. The project is located along the Noida–Greater Noida Expressway, a residential micro-market the company described as having growing appeal.
Godrej Properties Share Price Performance
Shares of Godrej Properties have been under pressure over the past year, losing around 13.2% over the past year, while in the past month itself, the shares lost around 16.2%.
However, in the previous session, the stock inched up 1.73% and closed at Rs 1,700.1 apiece on NSE.
Also Read: Godrej Industries Announces Rs 750 Crore Fundraise Through Private Placement
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
