Godrej Properties in pact for 2.5 acre redevelopment project in Mumbai suburb

MUMBAI: Godrej Properties, through its wholly owned subsidiary Godrej Projects Development, has entered into an agreement to redevelop a private society owned property in Ghatkopar suburbs of Mumbai, the real estate development arm of the Godrej Group said in a release.

The project, spread over 2.5 acres, will offer around 185,000 sq ft of free sale area and total 139 existing tenants will be rehabilitated as part of this project, the release said.

"This is the third redevelopment project we have signed in the city this year. This project fits in well with Godrej Properties' strategy of building our presence in high quality locations across Mumbai," said Pirojsha Godrej, Managing Director & CEO of Godrej Properties.

The Godrej Properties' subsidiary has signed a development agreement with Mukund Co-operative Housing Society Ltd. for this redevelopment project.

On Tuesday, shares of Godrej Properties closed at Rs 510.70 on the National Stock Exchange, down 1.2% from Monday's close.