Godrej Properties announces a redevelopment project in Mumbai [02 Apr 2012]

Godrej Properties, the real estate development arm of the Godrej Group, had, through its wholly owned subsidiary Godrej Projects Development (GPDPL), entered into an agreement with Kamla Landmarc Property Leasing and Finance (Kamla) to undertake a residential redevelopment project in Mumbai.
GPL will redevelop 18 residential buildings represented by 18 co-operative societies at Sahakar Nagar in Chembur, Mumbai through GLRPL, under a tripartite agreement entered amongst GLRPL, Kamla and the 18 societies. These 18 societies, representing the 18 residential buildings currently housing 216 residents was developed by MHADA in 1954, have come together to redevelop their property under Regulation 33(5) of the Development Control Regulation for Greater Mumbai, 1991.
The project, spread over approximately 14,600 sq mtrs, will offer approximately 600,000 sq. ft of free saleable area and is proposed to be developed as a modern group housing residential development comprising 2, 2.5, and 3 BHK apartments. GLRPL has entered in to a revenue sharing arrangement with Kamla for developing this project, with GLRPL getting 87.5 per cent of the revenues arising out of the free sale area.
Pirojsha Godrej, Executive Director, Godrej Properties said, “Mumbai is a city that requires a large number of redevelopment projects. These projects improve the quality of life for the current residents while simultaneously increasing the availability of housing in the city. This project marks GPL’s entry into the redevelopment space”.

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