The Godrej Properties has signed into a joint venture with a realty firm to develop 4.25 acres sea-facing property in Bandra Mumbai.
This project is estimated to offer nearly1.1 million sq. ft. saleable area and will be developed as a premium luxury residential project, the company informed via press release.
Pirojsha Godrej, executive chairman, Godrej Properties said that we are happy to add this project to the development portfolio. This project fits well in our expansion building strategy as to make our presence felt in India’s real estate market.
Recently in March, the Rail Land Development Authority, the Godrej Properties purchased a 27-acre plot in New Delhi’s Ashok Vihar locality area for worth Rs. 1100 crore, the sources said.
According to the sources, this company will construct flats free of cost for railways and 50% of the flats will be sold at market value for the economically weaker section. The payment for these dwelling units can be paid off in eight years at an interest rate of 12 percent.
However, the Godrej properties denied to comment on the deal and said that we cannot make a comment on the market value as per the company policy.
The sources however informed that two other bidders were the Adani Group and Eldeco. As a part of its expansion plan, the Godrej Properties is acquiring land directly or via joint ventures.
Last year, the company went into a joint venture with Hero Cycles to develop a 4-acre plot on Golf Course Road in Gurgaon.
In 2018, the Godrej Properties raised Rs.1,000 crore via the issuance of shares to GIC-managed investment company Gamnat Pte for funding of its expansion plan.