Godrej Properties (GPL), the real estate development arm of the Godrej Group, through its wholly owned subsidiary, Godrej Redevelopers Mumbai (GRMPL), has entered into a development agreement with the Sahakar Nagar Vibhag- II Federation, to undertake a residential redevelopment project, of 200 tenements, in Sahakar Nagar - II, Chembur in Mumbai.
GRMPL has entered into a Development Agreement (DA) with Sahakar Nagar Vibhag- II Federation represented by 6 co-operative societies. These 6 societies, representing 200 members in the Sahakar Nagar 2 layout in Chembur, which was developed by MHADA in 1954, have come together to redevelop their properties under Regulation 33(5) of the Development Control Regulation for Greater Mumbai, 1991.
The project, spread over 3.9 acres, will offer approximately 750,000 square feet of free sale area and is proposed to be developed as a modern residential development comprising 2, 2.5, and 3 BHK apartments. GPL in March 2012 signed a deal, in the same locality, to redevelop 18 residential buildings with 216 members in Sahakar Nagar I.