Godrej Properties to buy 3-acre in Mumbai suburb from DIC India for Rs 153 crore

MUMBAI: Realty developer Godrej Properties has entered into an agreement with DIC India to acquire a 3-acre land parcel in Chandivali suburb of Mumbai for Rs 153 crore. The deal is expected to be completed by the end of March.

Godrej Properties is expected to pay entire consideration in three tranches. The first tranche will be Rs 102.5 crores to be paid at the time of registration of the deal, DIC India said in a regulatory filing.

The second tranche will be Rs 17.5 crores, secured by irrevocable and unconditional bank guarantee on demand, within 18 months of registration. Additionally, the third tranche will be Rs 33 crores is contingent on achieving certain milestones with respect to height clearance, to be obtained by the buyer, from appropriate authorities.