Godrej Properties Limited (GPL), the real estate arm of the Godrej Group, is set to launch a luxurious residential project in Mumbai following the strategic acquisition of Raj Kapoor's bungalow in Chembur. The project, with an estimated sales booking value of Rs 500 crore, promises state-of-the-art amenities and green spaces. GPL aims to further expand its presence in the real estate market, with a particular focus on Hyderabad. The company's strategic vision includes group housing and plotted development in key markets, exemplified by the successful launch of 18 projects with a cumulative future booking value exceeding Rs 32,000 crore.
GPL, the real estate subsidiary of the renowned Godrej Group, is set to introduce a luxurious residential project boasting an extensive 2 lakh square feet of sales potential. This initiative stems from the strategic acquisition of Raj Kapoor's (RK) bungalow in the prestigious Chembur area of Mumbai in February 2023. The expected sales booking value for this lavish project, nestled within the historical RK bungalow premises, is conservatively estimated at a significant Rs 500 crore. The esteemed company surfaced these particulars through a recent regulatory filing with the stock exchange. GPL officially declared the noteworthy acquisition of RK's Bungalow in Chembur on February 17, 2023. The primary objective behind this acquisition was to curate a premium residential project that aligns seamlessly with the company's commitment to excellence. Nestled along Deonar Farm Road in Chembur, Mumbai, the site boasts proximity to the illustrious Tata Institute of Social Sciences (TISS) and stands as a testament to one of Chembur's most sought-after residential enclaves. The project details are currently held in confidentiality; however, expectations arise for the inclusion of state-of-the-art facilities and amenities. Envisioned features encompass a sophisticated clubhouse, a well-appointed fitness centre, and an inviting swimming pool. The project aspires to curate a unique residential experience, highlighting panoramic city views. Furthermore, thoughtfully integrated green spaces seek to offer residents a serene and harmonious living environment amidst the vibrant urbanity of Mumbai. It's worth noting that GPL had previously made headlines in May 2019 with the acquisition of R K Studios in Chembur, further solidifying its commitment to upscale development with the creation of Godrej RKS, a premium mixed-use project. Responding to queries during the Q2 FY24 earnings conference call, Gaurav Pandey, the adept Managing Director and CEO of GPL, shed light on the imminent launch of the RK Bungalow project in Chembur, adding another noteworthy milestone to GPL's illustrious portfolio. Beyond this prominent venture in Mumbai, GPL has cast its gaze upon the flourishing real estate landscape of Hyderabad. Pirojsha Godrej, the esteemed Executive Chairperson of GPL, formally disclosed this deliberate expansion during the Q2 FY24 earnings conference call convened on November 2, 2023. Looking beyond Mumbai, GPL has articulated its strategic vision for market expansion, with a keen focus on group housing and plotted development. The top-tier markets in GPL's crosshairs encompass Mumbai, NCR, Bangalore, Pune, Ahmedabad, Kolkata, and a potential foray into Hyderabad. Pirojsha Godrej underscored the desire to enter the dynamic Hyderabad market, emphasizing a calibrated approach to business development that aligns harmoniously with the company's robust portfolio in diverse markets. As of the fourth quarter of FY2022-23, GPL strategically launched 18 projects in key cities like Pune, Mumbai, Delhi NCR, Nagpur, and Bengaluru. The cumulative future booking value of these projects surpasses an impressive Rs 32,000 crore, underscoring GPL's commitment to substantial growth. These projects, with a combined sales potential area of 28.91 million square feet, as per regulatory filings, vividly illustrate GPL's trajectory in the competitive real estate landscape.
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