Godrej announces two redevelopment projects in Mumbai
Mumbai- City based leading realty firm Godrej Properties has signed two redevelopment agreements in two consecutive days with two private societies.
On March 28, 2013, the company inked redevelopment pact with Sunder Sangam Cooperative Housing Society in Malad suburb of Mumbai.
On March 29, 2013, the company signed its second redevelopment project with Sahakar Nagar Vibhag-II Federation in Chembur.
Both deals were signed by Godrej Project Development Pvt. Ltd, subsidy of Godrej properties.
On Malad site, the company is planning to develop a exclusive luxury residential project. The redevelopment will offer approximately 95,000 sq ft of free sale area to the company.
This project site spreads over 1.3 acre and is a part of well known and planned layout named Sundar Nagar. It is located on S.V. Road, Malad west. The project site offers great connectivity to domestic and international airports of Mumbai. It is positioned in the midst of numerous high street retail and commercial establishments.
On Chembur site, the company is planning to develop a residential complex which will encompass two and three bedroom apartments. The redevelopment will offer around 750,000 sq. ft of saleable area to the company.
The project site spreads over 3.9 acre and is represented by six co-operative societies comprising of 200 tenements. This is the second redevelopment project in Chembur by Godrej Properties. Earlier, it had signed a agreement to redevelop Sahakar Nagar I which comprises of 18 residential buildings with 216 members.
Through redevelopment agreement, a real estate developer gets free sale area in lieu of providing rehabilitation to the existing society members in the same project. Such deals are highly preferred by real estate firms in Mumbai.
The Managing Director and CEO of Godrej Properties believes that the project sites complement the company’s growth strategy to develop its presence in high quality locations across Mumbai.
Godrej Properties Ltd (GPL) is the real estate development arm of the Godrej Group. The company is developing commercial, residential and commercial projects across 82 million square feet in 12 cities across the country. It has recently launched its commercial project in Bandra Kurla Complex (BKC), Mumbai.
The company has also launched its affordable housing township project named “Godrej Garden City” in Ahmedabad.
It is planning to launch its ultra-luxury residential projectnamed “Godrej Platinum” in Alipore, neighbourhood of Kolkata. The project will soon get the final approvals and is expected to launch in April or May 2013.
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