Residential Estate in Mumbai to be Revamped by Godrej Properties

Reputed real estate developers Godrej Properties stated recently that it has struck a deal to redevelop a residential estate project in Mumbai. This project is located in Wadala, one of the prominent localities in the city. It is spread across 16 lakh square feet of saleable zone. The company, in a regulatory filing, stated that the agreement has been entered into to redevelop a parcel of land in Wadala, which continues to be an upscale neighborhood.

This residential project spans around 7.5 acres. Therefore, this project is likely to offer a space of around 1.6 million sq. ft. of saleable area. This largely comprises residential homes that are available in different configurations. Accordingly, the prices are also likely to vary for the property owners. The CEO and MD of Godrej Properties said that the integration of this new residential project in Mumbai into the portfolio of the company would signify a crucial move as it enters Mumbai’s micro-market.

Besides, the strategy aligns with the present policy of the company to integrate large projects across India’s booming markets in the real estate segment.

Godrej Properties, during the fiscal year 2020-21, recorded impressive sales bookings. The record touched INR 6,725 crore, the highest among all the estate entities that have already been listed. However, the quarter between April and June witnessed a 68% drop in the sales bookings of the company, lowering to INR 497 crore. Just a year ago, it was somewhere around INR 1,531 crore.

In this regard, it is worth noting that the Godrej Group has already ventured into the real estate sector. Godrej Properties happens to be the real estate wing of business of the established conglomerate in the country.