Godrej Properties inks redevelopment pact for 1.3-acre housing society in Malad, Mumbai

MUMBAI: Godrej Properties, the real estate development arm of the Godrej Group, has inked a joint development agreement with a housing society in Malad suburb of Mumbai, the company said in a release.

The developer is planning to develop a luxury residential project through redevelopment of Sunder Sangam Cooperative Housing Society spread over 1.3-acre in Malad west.

The redevelopment project will offer around 95,000 sq ft of free sale area to the company, while existing 118 members of the society will also be rehabilitated as part of the project.

"This project fits well with Godrej Properties' strategy of building our presence in high quality locations across Mumbai. We hope to create an excellent luxury development in this project," said Pirojsha Godrej, Managing Director & CEO, Godrej Properties.

As part of its growth strategy, Godrej Properties has been entering into joint development agreements with housing societies in Mumbai. Under these redevelopment agreements, real estate developers get access to free sale area in lieu of providing rehabilitation to society members in the same project.

On Thursday, shares of Godrej Properties closed at Rs 531 on the Bombay Stock Exchange, down 0.2% over Tuesday's close.