This project is estimated to have a developable potential of approximately 4.4 lakh square feet of saleable area, comprising primarily of premium residential development of various configurations, with an estimated revenue potential of nearly Rs 1,350 crore.
Versova remains a highly desirable location in the Western suburbs, offering good connectivity via the Versova Metro, Western Express Highway, and Link Road. The proposed 'Bandra-Versova Sealink' (BVSL) will further enhance connectivity to Bandra and South Mumbai. Its robust social infrastructure includes top schools, hospitals, and entertainment hubs. Proximity to business districts and ongoing infrastructure development further enhance the area’s appeal for homebuyers.
Gaurav Pandey, MD & CEO, Godrej Properties, said: “This is our first land acquisition in Versova and reflects our confidence in the area's potential.
It further strengthens our presence in Mumbai and aligns with our growth strategy, which focuses on delivering high-quality developments in high-demand micro-markets.”
Godrej Properties is the real estate arm of the Godrej Group. It is a subsidiary of Godrej Industries, which holds 44.77% of the company's equity shares as of 31 December 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
On a consolidated basis, the real estate major's net profit surged 161% to Rs 163 crore while total income jumped 133% to Rs 1,222 crore in Q3 December 2024 over Q3 December 2023.
The scrip had declined 3.86% to end at Rs 2069.45 on the BSE on Friday.