Mumbai: Godrej Properties purchases 6.7 acre land in Bhandup for housing project

Mumbai: Mumbai-based Godrej Properties Limited has purchased a 6.7 acre land parcel in Bhandup from JB Advani & Company Private Limited to develop a residential project. 

The Godrej family-promoted real estate company in an exchange filing has announced that the property is located on the LBS Road in Bhandup.

“The company had earlier entered into a development agreement with JB Advani & Company Private Limited for the said land,” the company’s statement read.

The company did not disclose the transaction amount it bought the property.

In February, the Godrej Properties had purchased the late showman Raj Kapoor’s iconic bungalow in Chembur for Rs100 crore. This was the second deal with the Kapoor family after it had acquired 2.2 acre big RK Studios in the same suburb back in May 2019. The realtor is constructing a mixed use premium project on the studio property and has plans for a premium residential project on the plot where Raj Kapoor’s home currently stands.

Godrej RKS, the project where the landmark RK Studios once stood, was sold for Rs250 crore. The builder plans to start delivering the project by later this year.

Godrej Properties sales in FY23

Godrej Properties sales volume in terms of area in the financial year 2023 that ended in March was up by 40 per cent to 15.21 million sq. ft. It had reported the highest ever quarterly and annual sales with the bookings in the fourth quarter at Rs 4,051 crore, and the booking value for the financial year 2023 up by 56 per cent at 12,232 crore.

Godrej Properties shares

The shares of Godrej Properties on Friday at 1:11 pm IST were at Rs 1,332, up by 0.45 per cent.