Godrej Properties buys land worth Rs 166 cr for residential proj in Mumbai

Realty firm Godrej Properties Ltd has bought around 1.5 acre land parcels for Rs 166 crore in Mumbai to develop a residential project.

In a regulatory filing, Godrej Properties Ltd (GPL) announced the addition of a new residential project in Sanpada, Navi Mumbai.

"GPL emerged as the highest bidder in the CIDCO e-auctioning process with the total bidding value of Rs 166 crore for the two adjacent plots," it said.

Spread over around 1.5 acres, this project will offer about 4 lakh square feet of development potential comprising primarily of premium residential apartments with a small amount of high street retail.

Pirojsha Godrej, Executive Chairman, Godrej Properties,said, "This project will strengthen our development portfolio in MMR and fits well with our strategy of deepening our presence in key markets across India's leading cities."

Godrej Properties is the real estate arm of the business conglomerate Godrej group. It has projects in major cities such as Mumbai, Bengaluru, Delhi-NCR and Pune.

The Mumbai-based developer posted a 69 per cent decline in its consolidated net profit at Rs 14.35 crore for the quarter ended December.

Total income of the company fell to Rs 311.12 crore in the third quarter of this fiscal year, from Rs 517.47 crore in the corresponding period a year ago.

In the first nine months of 2020-21 fiscal, the company's sales bookings were up 16 per cent at Rs 4,093 crore, despite the COVID-19 pandemic.