Godrej Properties closed redevelopment project deal in Mumbai

Godrej Properties is set to launch multiple projects in the coming months across major cities. The company has been acquiring projects across regions to grow its property portfolio that is largely dominated by residential housing projects.

Bengaluru: In a statement recorded on Wednesday, Godrej Properties Ltd said it has closed a deal to redevelop a land parcel in Mumbai’s Wadala.

The redevelopment project is spread across 7.5 acres of land in which 1.6 million sq. ft. is a saleable area that comprises residential apartments of various unit 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 is set to launch multiple projects in the coming months across major cities. The company has been acquiring projects across regions to grow its property portfolio that is largely dominated by residential housing projects.

The group entered into a deal to buy an 18-acre land parcel located in Bengaluru’s Whitefield for an undisclosed amount in December last year.

The Bengaluru project comprised of residential apartments of various configuration units. The 18-acre land parcel has a development potential of 2.4 million sq. ft. of saleable area. Before these projects, the company had two more projects in Mumbai and Bengaluru.

Last year, the company has raised over 1,000 crores through its convertible debentures on a private placement basis for a term of 3 years at 7.5%. Before that, Godrej Properties also raised Rs 2,100 crore through qualified institutional placement.

In its September report, the company has sold over 340 residential homes, which covers over half a million square feet worth Rs 575 crore. The sales skyrocketed when the company launched the second phase of its Godrej Woods in Noida.

Published by– Madhurima Nandy