Bangalore: Godrej Properties Ltd announced a new redevelopment project in Chembur, Mumbai, on Friday through its subsidiary Godrej Redevelopers Mumbai Pvt. Ltd.

On Thursday, the Mumbai-based real estate firm had signed another redevelopment project in suburban Mumbai’s Malad area, spread across 1.3 acres.

From the Chembur project, Godrej will get around 750,000 sq. ft of saleable area that will be developed into a residential complex comprising two- and three-bedroom apartments.

For the project, spread over 3.9 acres, Godrej Redevelopers has entered into a development agreement with Sahakar Nagar Vibhag-II Federation, represented by six co-operative societies comprising 200 tenements.

This is Godrej Properties’ second redevelopment project in Chembur. In March 2012, it had signed a deal to redevelop 18 residential buildings with 216 members in Sahakar Nagar I.

Redevelopment of existing properties is a preferred option for real estate firms in Mumbai, which is starved of open land for development.

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