Real Estate

Godrej Properties to acquire land parcel in Kalyan

Our Bureau Mumbai | Updated on September 30, 2020

Plans development of residential apartments with some retail and commercial space

Godrej Properties Ltd has entered into an agreement to acquire a land parcel in Kalyan. Spread across 20 acres, this project will offer approximately 139,000 square metres (1.5 million sq ft) of saleable area comprising primarily of residential apartments of varied configurations with a small amount of retail/commercial space.

Also read: What makes Godrej Properties a good bet over long term

Pirojsha Godrej, Executive Chairman, Godrej Properties, said: “We are happy to add this new project in Kalyan to our portfolio. This fits well with our strategy of deepening our presence in key markets across India's leading cities.”

Kalyan is emerging as a major housing and commercial hub for many large real estate companies. For example, Mahindra Happinest, the affordable offering from Mahindra Lifespace Developers Ltd, has sold 1,000 apartments amounting to 80 per cent of the total inventory in its project Happinest Kalyan. The project reached this milestone in just nine months since its launch, and notwithstanding four months of lockdown-induced slowdown.

Published on September 30, 2020

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