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Mumbai-based developer Godrej Properties Ltd is on a redevelopment project launching spree. In the last two days, the company has launched two new redevelopment projects in Mumbai surburbs of Chembur and Malad.
The company plans to build a luxury residential project in Malad by redeveloping a private society, Sunder Sangam Cooperative Housing Society Limited.
Godrej Properties, the real estate development arm of the Godrej Group, through its wholly owned subsidiary Godrej Projects Development Private Limited (GPDPL) has also signed a Development Agreement to execute the same.
The project, spread over 1.3 acres, will offer approximately 95,000 square feet of free sale area. The existing 118 members will be rehabilitated as part of this project.
Pirojsha Godrej, managing director & CEO, Godrej Properties, said: “This project fits well with our strategy of building our presence in high quality locations across Mumbai.”
The company also announced a new redevelopment project in Chembur. The company through its wholly owned subsidiary Godrej Redevelopers Mumbai Pvt Ltd has entered into a Development Agreement with Sahakar Nagar Vibhag- II Federation to undertake a residential redevelopment project of 200 tenements in Sahakar Nagar – II Chembur.
The project, spread over 3.9 acres, will offer approximately 750,000 square feet of free sale area and is proposed to be developed as a modern residential development comprising 2, 2.5, and 3 BHK apartments.
This society developed by MHADA in 1954, has come together to redevelop their properties under Regulation 33(5) of the Development Control Regulation for Greater Mumbai, 1991.
GPL in March 2012 signed a deal, in the same locality, to redevelop 18 residential buildings with 216 members in Sahakar Nagar I.
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