Godrej Properties to redevelop project in Mumbai
Godrej Properties Ltd (GPL), through its wholly owned subsidiary Godrej Projects Development Private Ltd (GPDPL), has entered into an agreement with Kamla Landmarc Property Leasing and Finance Pvt Ltd (Kamla) to undertake a residential redevelopment project in Sahakar Nagar, Chembur, Mumbai.
GPL will redevelop 18 residential buildings (represented by 18 co-operative societies) in Sahakar Nagar, Chembur, Mumbai, through Godrej Landmark Redevelopers Private Limited (GLRPL), a subsidiary of GPDPL, under a tripartite agreement entered amongst GLRPL, Kamla and the 18 societies on 29th March 2012. These 18 societies, representing the 18 residential buildings (currently housing 216 residents) in the Sahakar Nagar 1 layout in Chembur, which 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% 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.”