Godrej Properties Adds Four New Projects In Mumbai Region, Bengaluru
Realty firm Godrej Properties Ltd. on Thursday said it has added four new projects in Mumbai Metropolitan Region and Bengaluru comprising 12.7 million square feet of developable area.
The company, a real estate arm of business conglomerate Godrej group, said it has added three new projects at Navi Mumbai, Ambernath, and Thane in MMR and one new project in North Bengaluru.
"These new projects will add approximately 1.18 million square metres (12.70 million sq ft) to its development portfolio," Godrej Properties said in a statement.
Godrej Properties has entered a joint venture to develop a township project of over 100 acres in the residential market of Navi Mumbai. This project will offer about 7.5 million sq ft of development area and will be built as a residential project with a retail component.
The second project is a joint venture with Nisarg Nirman Developers to build a land parcel of about 6.4 acres in Ambernath. This project will offer about 1.1 million sq ft of development area and will be developed as a group housing project.
The third project is an outright purchase of land in Thane. Spread across about 8 acres, this project will offer about 1.1 million sq ft of development area.
Godrej Properties has formed a joint venture with the promoters of Universal Builders to develop a affordable housing project in North Bengaluru. This project will have developable area of about 3 million sq ft spread over 22 acre land.
On adding these four projects in the company's portfolio, Godrej Properties Executive Chairman Pirojsha Godrej said, "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 is currently developing residential, commercial and township projects spreading approximately 17.44 million square metres (187.7 million square feet) across 78 projects in 10 cities.