Godrej Properties Ltd today said it has tied up with Vihang group for development of a housing project on a 15-acre land in Thane, Mumbai.
Godrej Properties, the real estate development arm of the Godrej Group, informed the BSE that the company has added a new project to its portfolio located off Ghodbunder Road in Thane.
The company has "entered into a development agreement with Mr Pratap Sarnaiks's Vihang Group for a land parcel measuring approximately 15 acres".
Godrej Properties would be developing a housing project with a development potential in excess of 1 million sq ft.
The company's strategy is to partner land owners for the development of the project.
"We are happy to add a new project in Thane, which is a very important and large micro market within Mumbai. This is in line with our strategy of building our development portfolio across the country's leading real estate markets. We will do our best to deliver an outstanding project," Godrej Properties Managing Director & CEO Pirojsha Godrej said.
Godrej Properties is developing residential, commercial and township projects spread across 111 million square feet in 12 cities.
The company's stock rose by 2.25 per cent to close at Rs 318.75 on the BSE.
