Mumbai: Realty firm Godrej Properties (GPL) on Thursday said it will be redeveloping 18 residential buildings at Chembur in central suburban Mumbai.
Godrej Landmark Redevelopers (GLRPL), a subsidiary of Godrej Projects Development (GPDPL) will execute the project spread over 14,600 sq mt, which will offer around 600,000 sq ft of free saleable area, a company statement said.
GPL had tied-up with Kamla Landmark Property Leasing and Finance (Kamla) to form GPDPL to undertake residential redevelopment project in Sahakar Nagar at Chembur.
GLRPL has entered into a revenue sharing arrangement with Kamla for developing this project, with the former getting 87.5 per cent of the revenues arising out of the free sale area, the release said.
The 18 buildings of MHADA (Maharashtra Housing and Area Development Authority) currently housing 216 residents will be developed as a modern group housing project comprising 2, 2.5, and 3 BHK apartments.
"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," GPL Executive Director Pirojsha Godrej said.
First Published: Friday, March 30, 2012, 12:39