Mumbai/Bengaluru: Godrej Properties Ltd has formed a joint venture with Omkar Realtors and Developers Ltd to develop a 4.25 acre, prime sea-facing property in Mumbai’s Bandra West area, three people familiar with the deal said Wednesday.
Godrej Properties did announce a joint venture with a "renowned developer" on Wednesday, but declined to disclose who.
Godrej Properties will develop a luxury residential project in Bandra, which will offer around 1.1 million sq. ft of saleable area, the Mumbai-based developer said.
“It is a slum rehabilitation project of Omkar Realtors and they have tied up with Godrej Properties to take over the development," said one of the three people mentioned above, requesting anonymity.
An Omkar spokesperson didn’t comment on the joint venture.
Mumbai-based Omkar, which has a number of slum rehabilitation projects in the city and is building its largest luxury project "1973" in Worli for the past five years, has faced a fair bit of struggle to sell the apartments due to the slowdown in the real estate sector, which has worst impacted the luxury segment. Last year, the developer said that completed projects are selling better and it is now focused on building smaller homes.
Godrej Properties, on the other hand, has made the most of such opportunities that the market has thrown up as more and more developers are looking at partnering with stronger developers, with better financial bandwidth and reputation, to develop land assets and incomplete projects.
In the last couple of years, Godrej Properties has inked multiple deals across cities taking over projects from other developers. In its latest deal, in February, it partnered Pune-based Solitaire Group to develop six projects of the latter spread across 300 acres.
“...This project addition fits well with our strategy of building our presence across the country’s leading real estate markets. We look forward to delivering an outstanding project for our customers that becomes a Mumbai landmark," Pirojsha Godrej, executive chairman of Godrej Properties, said in a statement on the Bandra transaction.