Godrej Properties buys 4 acre land in Mumbai to develop housing project

Godrej Properties Ltd on Thursday said it has bought 4 acres of land in Mumbai to develop a housing project.

Godrej Properties, which is part of Godrej Group, said in a statement that it has added a new project in Thane.

"Spread across 4 acres, this project will offer approximately 65,000 square meters (approximately 0.7 million sq ft) of saleable area, comprising mainly of modern residential apartments of various configurations," it added.

This deal is an outright purchase of land along with Godrej Fund Management, the Mumbai-based developer said.

Pirojsha Godrej, Executive Chairman, Godrej Properties said the addition of new project will strengthen the company's development portfolio in Mumbai.

The acquisition of this project fits with its strategy of deepening presence in key markets across India's leading cities, he added.

"We will seek to ensure this project delivers an outstanding lifestyle for its residents," Godrej said.

Earlier this week, Godrej Properties announced it will develop a new luxury housing project in Noida in partnership with Shipra Group.

This would be Godrej Properties' fourth project in Noida and 13th project in the National Capital Region (NCR).