Real estate major Godrej Properties Limited on Thursday said it has entered a land-purchase agreement for a plot in the micro-market of Chandivali, Mumbai.
Spread across approximately 3 acres, the project will offer 41,800 square meters (0.45 million square feet) of saleable area comprising residential apartments of various configurations with a small amount of retail space, the company said in a filing to the stock exchanges.
Situated in close proximity to Powai, Chandivali is one of the preferred residential locations in Mumbai. The site is strategically located and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces, it added.
“We are happy to add this new project in Chandivali, which fits well with our strategy of deepening our presence in key markets across India’s leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents,” said Pirojsha Godrej, executive chairman, Godrej Properties.
Earlier this month, the company had said it will acquire 26.58 acres of prime property in the national capital for ₹1,359 crores.
At 0937am, shares of Godrej Properties were down 3.75% at ₹1,000 apiece on the BSE. The broader market was weak, with benchmark Sensex down over 1,000 points and the Nifty down at 11,296.