Godrej Properties has received approval for phase 1 of its upcoming residential project in Worli, Mumbai. In an exchange filing, the real estate developer said that it is developing three residential towers in a 2.63-acre prime land parcel. The company said it has received Maha-RERA approval for two towers as part of the first phase.
The company stated that it aims for a gross estimated revenue of Rs 10,000 crore from the project. The project is a part of a joint redevelopment. In the first phase, the company aims to develop approximately 11 lakh square feet of salable area.
Godrej Properties stated that its latest residential project in South Mumbai is situated in one of the most desirable locations in the city. Located on Dr Annie Besant Road and adjacent to the Mahalaxmi Racecourse, the project offers views of the racecourse and the Arabian Sea.
“The location offers a rare combination of scale, connectivity, and visibility. This project further strengthens GPL’s presence in South Mumbai and aligns with our strategy of acquiring and developing high-potential urban land parcels. We will aim to deliver a landmark development that offers its residents an outstanding quality of life.”, said Gaurav Pandey, MD and CEO of Godrej Properties.
Godrej Properties Q2 results and expansion
In recent months, Godrej Properties has made big investments in metro cities such as Bengaluru and Hyderabad to develop various projects. Early this month, the company acquired a 26-acre land parcel in Bengaluru. The company plans to develop a residential project on this land, with an estimated revenue potential of Rs 1,100 crore.
In August, Godrej Properties emerged as the highest bidder for a 7.8-acre land parcel in Hyderabad. The company offered the highest bid of Rs 547 crore for the project. Besides the metro cities, the company is also making inroads into the tier-2 cities. Recently, the company purchased 34 acres of land in Vadodara to develop plotted residential units.
As Godrej Properties increases its capital expenditure in the third quarter, the company’s investors will be closely watching its earnings in the second quarter. Godrej Properties’ Q2 FY26 result is scheduled to be released on November 6.