Godrej Properties said it will develop a 3-acre plot in Chandivali, near Powai, Mumbai.
The plot was reportedly acquired for Rs 153 from DIC India, one of the oldest ink manufacturers in India, though Godrej did not confirm the name of the seller.
“This project will offer 41,800 square meters (0.45 million square feet) of saleable area comprising primarily of residential apartments of various configurations with a small amount of retail space,” said India’s fastest growing major real estate company.
Chandivali is not far from Godrej’s headquarters in Vikhroli and is home to several high-profile residential projects.
“The site is strategically located and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity,” Godrej said.
However, despite its location in a green and picturesque area, the locality is not directly accessible through either the Western Express Highway or the Eastern Express Highway, as it lies in the middle, almost equidistant from both.
Pirojsha Godrej, Executive Chairman, Godrej Properties said the new project will be designed to deliver an outstanding lifestyle for its residents.
Godrej Properties is one of India’s top developers in terms of size, and one of the few to successfully weather the slowdown gripping the sector at present.
The company, which initially leveraged the Godrej group’s extensive landholdings to develop notable residential projects such as ‘Godrej Towers’, is noted for its aggressive growth in recent years.
It is also known for acquiring land from distressed companies, including other real estate majors, as well as for joint ventures with competitors.