Godrej Properties (GPL), a leading Indian real estate developer, has announced its plans to develop a new project in the prime location of Versova, Mumbai. The company estimates that this strategic move could potentially generate revenue of approximately ₹1,350 crore, marking a significant expansion in one of Mumbai's most sought-after neighborhoods.

Project Details

The proposed development in Versova is set to cover an estimated developable area of 4.4 lakh square feet of saleable space. The project will primarily comprise premium residential units with various configurations, catering to the high-end real estate market in the western suburbs of Mumbai.

Strategic Location

Versova's appeal as a residential destination stems from its excellent connectivity and robust social infrastructure. The area benefits from:

• Proximity to the Versova Metro station
• Easy access to the Western Express Highway and Link Road
• Upcoming Bandra-Versova Sealink (BVSL), which will enhance connectivity to Bandra and South Mumbai
• Top-tier schools, hospitals, and entertainment hubs in the vicinity
• Close proximity to major business districts

Company's Perspective

Gaurav Pandey, MD & CEO of Godrej Properties, expressed confidence in the project, stating, "This is our first land acquisition in Versova and reflects our confidence in the area's potential. It further strengthens our presence in Mumbai and aligns with our growth strategy, which focuses on delivering high-quality developments in high-demand micro-markets."

Godrej Properties' Market Position

The announcement comes on the heels of Godrej Properties' strong performance in FY 2024, where it emerged as the largest developer in India by the value of residential sales achieved. The company has been recognized for its commitment to sustainability and governance practices, ranking #1 globally amongst listed residential developers by the Global Real Estate Sustainability Benchmark in 2020, 2021, and 2022.

Project Financials

This new venture in Versova underscores Godrej Properties' ongoing strategy to expand its presence in key real estate markets and capitalize on the growing demand for premium residential spaces in Mumbai's upscale neighborhoods.

Godrej Properties Limited (GPL), a leading real estate developer in India, has made significant moves in two different markets. The company has successfully launched a new luxury project in Noida while also terminating a land development agreement in Pune.

Successful Launch in Noida

Godrej Properties has launched a new luxury real estate project called 'Godrej Riverine' in Noida. The company reports selling homes worth more than ₹2,000.00 crore during the initial launch phase of this project. This successful launch demonstrates the strong demand for Godrej Properties' offerings in the National Capital Region (NCR) market.

Termination of Land Development Agreement in Pune

In a separate development, Godrej Properties announced the termination of a land development agreement in Pune. The company disclosed this information in a regulatory filing to the stock exchanges on March 31, 2025.

Details of the Termination

The terminated agreement, originally signed on March 31, 2010, involved multiple parties:

1. Landowners:
   • Mr. Sanjay Dattatreya Kakade
   • Mr. Shridhar Dhondiba Dhumal
   • Mr. Ashok Gajanan Yadav
2. Kakade Estate Developers Private Limited
3. Shareholders:
   • Mr. Sanjay Dattatreya Kakade
   • Mrs. Usha Sanjay Kakade
   • Kakade Retailing Private Limited
   • Kharadi Properties Private Limited

Under this agreement, Godrej Properties was appointed to develop freehold agricultural land located in village Bhugaon, Taluka Mulshi, District Pune.

Mutual Decision and Formal Cancellation

The company stated that all parties involved in the agreement have mutually decided to terminate and cancel it. To formalize this decision, Godrej Properties executed a Deed of Cancellation on March 31, 2025, effectively ending the company's involvement in the previously planned project in Pune.

Financial Impact

In its disclosure, Godrej Properties assured investors that the cancellation of this agreement would have "no material impact on financials, operations or other activities of the Company." This statement suggests that the termination is not expected to significantly affect the company's overall business performance or financial position.

Regulatory Compliance

The company made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates prompt disclosure of material events to the stock exchanges.

Conclusion

These developments highlight Godrej Properties' dynamic approach to market opportunities and portfolio management. While the company has achieved significant success with its new luxury project in Noida, it has also made strategic decisions to optimize its project pipeline in Pune.

The contrasting nature of these two events – a highly successful launch in Noida and the termination of an agreement in Pune – demonstrates the company's ability to adapt to different market conditions and make decisions that align with its overall business strategy.

Investors and market watchers will likely keep a close eye on Godrej Properties' future land acquisition and development strategies across key regions in India, as the company continues to navigate the evolving real estate landscape.