Godrej Properties signs large redevelopment project in Mumbai

BENGALURU: Godrej Properties Ltd on Wednesday said it has inked an agreement to redevelop a land parcel in Mumbai’s Wadala.

The project is spread across 7.5 acres and will offer about 1.6 million sq ft of saleable area, comprising primarily of residential apartments of different configurations.

“We are happy to add this important new project in Wadala. This marks our entry into an important micro market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets. We will seek to ensure this project delivers an outstanding lifestyle for its existing and future residents,” said Mohit Malhotra, managing director and CEO, Godrej Properties.

Mumbai-based Godrej Properties has multiple project launches coming up this year across cities. It has also been steadily acquiring projects to expand its portfolio, which is dominated by residential developments.

In December, the property developer entered into an agreement to buy an 18-acre land parcel in Bengaluru’s Whitefield locality on outright basis for an undisclosed amount.

The project is estimated to have development potential of 2.4 million sq ft of saleable area comprising primarily residential apartments of various configurations. It had added two more projects, in Mumbai and Bengaluru, before that.

In September, the company said it has sold 340 homes, constituting half a million square feet, worth ₹575 crore, on the launch day of the second phase of its ‘Godrej Woods’ project in Noida.