Godrej Properties Ltd has entered into an agreement with DIC India Ltd to buy three acres of land in Chandivali at ₹153 crore to build a residential project.
The deal is expected to close in March-end and the money will be paid in three tranches. At the time of registration, Godrej Properties will pay ₹102.5 crore.
The project will offer 41,800 square meters (0.45 million sq. ft.) of saleable area comprising residential apartments of various configurations with a small amount of retail space in Chandivali, an emerging residential location.
Pirojsha Godrej, executive chairman, Godrej Properties, said, “This new project in Chandivali fits well with our strategy of deepening our presence in key markets across India’s leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents.”