Godrej Properties adds a large new redevelopment project in Mumbai.

The Mumbai-based real estate developer Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), one of India's leading real estate developers, recently announced that it has entered into an agreement to redevelop a land parcel in the upscale neighbourhood of Wadala, Mumbai. Spread across 7.5 acres, this project will offer approximately .15 million sq. mts. (approximately 1.6 million square feet) of saleable area comprising primarily of residential apartments of various configurations.

The land parcel is situated in a marquee residential location and is in very close proximity to Matunga Five Gardens. On its eastern side, the development will enjoy uninterrupted views of the eastern seaboard. With its strategic location, the project will enjoy excellent connectivity via rail, road, and monorail and will benefit from the significant social infrastructure present in the vicinity.

Mr. Mohit Malhotra, MD & CEO, Godrej Properties, stated, "We are happy to add this important new project in Wadala. 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. We will seek to ensure this project delivers an outstanding lifestyle for its existing and future residents."

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