Godrej Properties (GPL), the real estate development arm of the Godrej Group, has entered into an agreement with ASK Property Investment Advisors, a leading Real Estate Private Equity player to sell a 49% stake in Godrej Landmark Redevelopers (GLRPL).
GLRPL had recently entered into a tripartite agreement with Kamla Landmarc Property Leasing and Finance (Kamla) and 18 societies to undertake a residential redevelopment project in Sahakar Nagar, Chembur in Mumbai. The project, spread over approximately 14,600 square meters, will offer approximately 600,000 square feet of saleable area and is proposed to be developed as a modern group housing residential development comprising 2, 2.5, and 3 BHK apartments.
ASK Group along with GLRPL will invest in the Sahakar Nagar redevelopment project. ASK will pay Rs 20 crore premium to GPDPL for its 49% stake in the 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. Godrej Landmark Redevelopers is a subsidiary of Godrej Projects Development (GPDPL).
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