Strengthening its presence in the Mumbai Metropolitan Region, Godrej Properties Ltd has entered into a joint development agreement to build a residential project on an 18-acre land parcel in Thane, Mumbai.
In a regulatory filing on Monday, the Mumbai-based developer said it has “entered into a joint development agreement to develop an 18-acre land parcel in Thane, Mumbai.” The company did not disclose the name of the landowner involved in the agreement.
“The proposed development will be a largely residential project with an estimated revenue potential of over Rs 7,500 crore,” the filing stated.
As part of its expansion strategy, Godrej Properties acquires land outright and also partners with landowners through joint development arrangements to execute housing projects.
Gaurav Pandey, MD & CEO of Godrej Properties, said, “Strategic expansions in high-potential micro- markets are central to our growth strategy and our focus on creating enduring value for homebuyers.”
He noted that Thane has emerged as one of the most attractive locations in the Mumbai Metropolitan Region. The upcoming development will be the company’s 4th project in Thane.
Godrej Properties is among the leading real estate developers in India. The company reported a 25% rise in sales bookings to Rs 24,008 crore during the first 9 months of the current fiscal year. It remains confident of achieving its full-year sales booking target of Rs 32,500 crore for 2025-26.
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