Godrej Properties (GPL) will redevelop 18 residential buildings represented by 18 co-operative societies in Sahakar Nagar, Chembur in Mumbai, through Godrej Landmark Redevelopers (GLRPL), a subsidiary of Godrej Projects Development (GPDPL), under a tripartite agreement entered amongst GLRPL, Kamla and the 18 societies on March 29, 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 is spread over approximately 14,600 square meters, will offer approximately 600,000 square feet 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.
Earlier, Godrej Properties through its wholly owned subsidiary Godrej Projects Development had entered into an agreement on January 18, 2012 with Kamla Landmarc Property Leasing and Finance (Kamla) to undertake a residential redevelopment project.
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.
Company Name | CMP |
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Dilip Buildcon | 411.10 |
Macrotech Developers | 1374.90 |
NBCC (India) | 142.30 |
Prestige EstatesProj | 1600.00 |
DLF | 816.60 |
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