Godrej Properties adds four new residential projects

Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, today announced the addition of three new projects in MMR in the micro markets of Navi Mumbai, Ambernath, and Thane and one new project in North Bangalore. These new projects will add approximately 1.18 million square metres (12.70 million sq. ft.) to its development portfolio. GPL has entered into a joint venture to develop a township project of over 100 acres in the well-established and growing residential market of Navi Mumbai. This project will offer approximately 0.70 million square metres (7.50 million square feet) of development area and will be developed as a residential development with a retail component. The second project is a Joint Venture with Nisarg Nirman Developers to develop a land parcel of approximately 6.4 acres in the fast emerging market of Ambernath, MMR. This project will offer approximately 0.10 million square metres (1.1 million square feet) of development area and will be developed as a group housing project. The third project is an outright purchase of land in the rapidly developing city of Thane. Spread across approximately 8 acres, this project will offer approximately 0.10 million square metres (1.10 million square feet) of development area comprising primarily of residential apartments with some retail space. The fourth project is a Joint Venture with the promoters of Universal Builders in KIADB Hardware Park, Bagalur, North Bangalore. This project will be a modern affordable housing project of approximately 0.28 million square metres (3 million square feet) across 22 acres of land. The site is on the main State Highway 104 and has good connectivity to the airport and several key hubs of Bangalore. These projects will significantly enhance GPL’s portfolio and strengthen the company’s presence in key markets across India's leading cities. Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add these four new projects to our development portfolio. This fits well with our strategy of building our presence in the country's leading real estate markets and will add momentum to GPL's plans to grow market share during the period of dislocation the industry is currently facing. We look forward to delivering outstanding projects across these locations."