Godrej Properties inks redevelopment pact for 7.5-acre project in Mumbai’s Wadala -growmudra

Godrej Properties inks redevelopment pact for 7.5-acre project in Mumbai’s Wadala

29 Sep , 2021 By : monika singh

Realty major

NSE 2.09 % has entered into an agreement to redevelop a 7.5-acre land parcel in central Mumbai’s Wadala locality. The project is expected to offer around 1.6 million sq ft of saleable area comprising primarily residential apartments of various configurations.

“This marks our entry into an important micro market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets,” said Mohit Malhotra, MD & CEO, Godrej Properties.

Godrej Properties, as part of its stated strategy, is looking to leverage its brand and financial position to tap consolidation opportunities through distress situations arising in the real estate sector.

Industry experts believe that ongoing market consolidation in favour of large and established developers will gain momentum hereon, owing to brand, execution ability and access to liquidity in the current market environment than that for smaller developers.

Last year, Godrej Properties had raised Rs 1,000 crore through non-convertible debentures on a private placement basis for a term of 3 years at 7.5%. Prior to that, it had also raised Rs 2,100 crore last year through a qualified institutional placement (QIP).