Godrej Properties to redevelop land parcel in Mumbai

The Mumbai-based real estate company will develop a residential project in Wadala, Mumbai.

Godrej Properties said that it has entered into an agreement to redevelop a land parcel in the upscale neighborhood of Wadala, Mumbai.

The land parcel is spread across 7.5 acres and this project will offer approximately 0.15 million square meters (approximately 1.6 million square feet) of saleable area comprising primarily of residential apartments of various configurations.

The land parcel is situated in a marquee residential location and is in very close proximity to Matunga Five Gardens.

Mohit Malhotra, MD & CEO, Godrej Properties, stated, We are happy to add this important new project in Wadala. This marks our entry into an important micro market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets.

Godrej Properties is the real estate venture of the Godrej Group. The company has presence in 10 cities in India and its business focuses mostly on residential real estate development.

The company reported a consolidated net profit of Rs 17.01 crore in Q1 FY22 as against a net loss of Rs 19.26 crore in Q1 FY21. Net sales jumped 19.2% YoY to Rs 86.16 crore during the period under review.

The scrip fell 2.32% to end at Rs 2233.60 on the BSE on Tuesday.

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