Godrej Properties Ltd., today announced that it has entered into an agreement to acquire a land parcel in Kalyan. Spread across 20 acres, this project will offer approximately 1,39,000 square meters (1.5 million square feet) of saleable area.

By Varun Singh

Godrej Properties Ltd. premium real estate developers, today announced that it has entered into an agreement to acquire a well-located land parcel in Kalyan.

Spread across 20 acres, this project will offer approximately 139,000 square meters (1.5 million square feet) of saleable area comprising primarily of residential apartments of varied configurations with a small amount of retail / commercial space. 

Kalyan is an established micro-market within MMR and this site is strategically located with multiple schools, hospitals, retail and residential spaces in close proximity.

Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add this new project in Kalyan to our portfolio. This fits well with our strategy of deepening our presence in key markets across India’s leading cities.”

Godrej Properties Ltd. in its consolidated financials for Q1 FY21 results had said its total booking value for Q1 FY21 increased by 71% to Rs 1,531 crore.

The company had said that by using digital sales tools they achieved strong sales thereby delivering highest ever market share in a quarter.

In Q1 FY20 the total booking value stood at Rs 897 crore. The booking volume for Q1 FY21 is 2.51 million sq. ft. It was 1.35 million sq. ft. in Q1 FY20.

Godrej Fund Management (“GFM”), the real estate private equity arm of the Godrej Group, had leased ~ 2 lakh sq. ft. office space at Godrej Two, a commercial office located in Vikhroli, Mumbai to A.P. Moller – Maersk’s business units in Mumbai.

This deal took place in July. According to the registration documents the deal was registered on July 9. The documents accessed by SquareFeatIndia reveals the lease amount as Rs 13.09 crore.

Also Read: Parking space expensive than cars in Mumbai

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