Godrej Properties Ltd announced on Wednesday that it has signed a deal to redevelop a plot of property in Mumbai’s Wadala region.
The 7.5-acre project will offer approximately 1.6 million square feet of saleable space, principally residential apartments in various layouts.
“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.
Godrej Properties, located in Mumbai, is launching several projects across the country this year. It has also been progressively acquiring projects to add to its portfolio, primarily made up of residential developments.
In December, the property developer agreed to buy an 18-acre land parcel in Bengaluru’s Whitefield area outright for an undisclosed price.
The project has a development potential of 2.4 million sq ft of saleable area, with the majority of the units being residential apartments in various layouts. Before that, it has added two more projects in Mumbai and Bengaluru.
On the inauguration day of the second phase of its ‘Godrej Woods’ project in Noida in September, the business said it had sold 340 residences totaling half a million square feet for Rs 575 crore.