Realty player Godrej Properties (GPL) is planning to enlarge its project portfolio in redevelopment segment. In this regard, the company has signed few deals for redevelopment projects.
Recently, the company’s subsidiary Godrej Projects Development (GPDPL) entered into an agreement with Kamla Landmarc Property Leasing and Finance to redevelop 18 residential buildings in Chembur, Mumbai. GPL also sold 49% stake in the project to ASK Property Investment Advisors.
GPDPL has also entered into a development management agreement (DMA) with RR Builders to redevelop a MHADA property in Byculla, under which, the former will be responsible for conceptualisation, design, sales, and marketing of the project, while the latter will bear entire costs for construction and development.
Besides, the company has also entered into an agreement with Godrej & Boyce (G&B), where GPL will act as development manager and will be responsible for the conceptualisation, design, sales, and marketing of all future development on the G&B-owned Vikhroli land.
GPL plans to launch 15 projects in the fiscal, which will include phases of existing projects, new projects, which may include redevelopment projects as well. The new projects will be launched in cities where the company already has presence. The company has a presence in 12 cities, including Chandigarh, Gurgaon, Ahmedabad, Nagpur, Mumbai, Hyderabad, Pune, Mangalore, Bengaluru, Chennai, Kochi and Kolkata.
