It said it will develop a residential project on approximately 59 acres in Mamurdi, West Pune, within the municipal corporation limit.
The project will offer approximately 418,000 square metres (4.5 million sq. ft.) of saleable area.
“The site is strategically located just off the Mumbai – Pune expressway and very close to prime commercial centers such as Wakad, Hinjawadi, and the automobile hub at Pimpri Chinchwad,” Godrej Properties said.
It is situated behind the MCA stadium and is well connected to the social infrastructure at West Pune, it said.
“Pune is a critical growth market for us,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
“We are happy to add this large new project in This fits with our strategy of deepening our presence across the country’s leading real estate markets.”
Last week, the company tied up with Manyata, a Bangalore-based developer, to co-develop a residential project in Sarjapur.
Earlier in September, it said has signed a joint venture agreement with Nirmal Ventures, also based in Mumbai, for developing a residential project in Thane.
Godrej Properties is part of the Godrej manufacturing group. The group took advantage of rising real estate prices in Mumbai to launch itself into the business by taking advantage of its extensive property holding within the city, particularly in Vikhroli and Ghatkopar.