Godrej Properties buys land parcel in Mumbai

New Delhi: Real estate firm Godrej Properties on Monday said it has acquired 0.5 acres of land in Mumbai to develop a luxury housing project with an estimated sales value of Rs 1,200 crore.

In a regulatory filing, the company informed that it has bought a land parcel to develop a luxury project near Carmichael Road in Mumbai.

The land parcel, spread across 0.5 acres, was purchased from the Karam Chand Thapar (KCT) group.

The new project will have an estimated booking value potential of approximately Rs 1,200 crore, the company said.

"The demand for luxury realty has been strong over the past few years and this location affords us the opportunity to create a landmark boutique luxury residential development," said Mohit Malhotra, MD & CEO, Godrej Properties.

Varun Thapar, Vice Chairman and Executive Director - KCT Group, said Indian City Properties Ltd, the real estate arm of the KCT Group, owned this prime land asset in South Mumbai for nearly seven decades.

Mumbai-based Godrej Properties is one of the leading real estate developers in the country. It is part of the business conglomerate Godrej Group.

Godrej Properties mainly focuses on Delhi-NCR, Mumbai Metropolitan Region, Pune and Bengaluru markets.