Godrej Properties said in a filing on April 5 that Godrej Reserve has a developable potential of 3.72 million square feet and an anticipated revenue potential of roughly ₹7,000 crore based on the present business assumptions.
Following the announcement on Friday, April 5, that the real estate developer had sold apartments valued at ₹2,690 crore during the opening of its Kandivali project in Mumbai—Godrej Reserve—shares of Godrej Properties Ltd. increased by more than 4% to reach a day’s high of ₹2,512.95.
According to the company’s regulatory filing, this is Godrej’s most successful launch in Mumbai in terms of the volume and value of sales achieved.
Based on current business assumptions, Godrej Reserve has a developable potential of 3.72 million square feet and an estimated revenue potential of ₹7,000 crore.
The real estate firm stated that it intends to sell the project’s substantial remaining unsold inventory in the upcoming years. “This is one of GPL’s largest residential developments and significantly enhances its presence in the western suburbs of Mumbai,” added the statement.
“We are overjoyed by being welcomed to Godrej Reserve, our initiative. As of right now, this is the greatest residential real estate launch in Mumbai history. We would like to use this opportunity to express our gratitude to all of our stakeholders and customers for their unwavering trust and confidence in Godrej Properties. Gaurav Pandey, MD & CEO of Godrej Properties, stated, “We will make every effort to guarantee that Godrej Reserve provides its residents with an exceptional living experience.
In its new Gurugram project, the business sold more than 600 apartments last year for a total of more than ₹2,600 crore.
By the end of the third quarter, Godrej Properties has hit 93% of its projection for booking value for the fiscal year 2024. However, by the conclusion of three quarters, deliveries had only achieved half of the projected full-year total.
At 6.5 million square feet, its deliveries fall short of its full-year target of 12.5 million square feet by only 52%.
