Godrej Properties to develop 4 projects in Mumbai region, Bengaluru
Godrej Properties Limited has added another feather to its cap. The real estate wing of Godrej group will develop four new properties in Mumbai Metropolitan Region (MMR) and Bengaluru.
In a statement, Godrej Properties said that the new projects will add approximately 1.18 million square metres (12.70 millionsqft) to their development portfolio.
Of the four real estate projects, three are in MMR while one is in Bengaluru. The projects in MMR are at Navi Mumbai, Ambernath and Thane while one project is in North Bengaluru.
For its project in Navi Mumbai, Godrej Properties has entered into a joint venture to develop a township project across 100 acres in “well-established and growing residential market” of Navi Mumbai.
The project will offer about 7.5 million sqft (approximately 0.70 million square metres) of development area and will be developed as a residential project with a retail component.
The Ambernath project is a joint venture with NisargNirman Developers to develop a land parcel of nearly 6.4 acres in the area. It will offer about 1.1 million sqft (approximately 0.10 million metres) of development area and will be a group housing project.
The third project which will be in Thane is spread across approximately 8 acres and will offer about 1.10 million sqft (approximately 0.10 million square meters) of development area, primarily including residential apartments with some retail space.
For the project in North Bangalore, Godrej Properties has got into a joint venture with the promoters of Universal Builders to develop a modern affordable housing project of nearly 3 million sqft (approximately 0.28 metres) spread across 22 acre of land. The site is on the main State Highway 10 and has better connectivity to the airport as well as many key hubs of the I-T capital of the country.
“We are happy to add these four new projects to our development portfolio. This fits well with our strategy of building our presence in the country’s leading real estate markets and will add momentum to our plans to grow market share during the period of dislocation the industry is currently facing. We look forward to delivering outstanding projects across these locations,” Godrej Properties Executive Chairman Pirojsha Godrej said.
Godrej Properties is currently developing residential, commercial and township projects spreading approximately 17.44 million square meters (187.7 million square feet) across 78 projects in 10 cities.