Godrej to foray into redevelopment project in Mumbai

Godrej Properties, is set to foray into redevelopment space in Mumbai, and is learnt to be close to finalising a Rs 3,000-cr project in the north western suburb of Mumbai. Godrej Properties is also in talks with private equity players for stake sale in the redevelopment project,

According to industry sources the company is also negotiating at least three more projects in south Mumbai and an eastern suburb. The south Mumbai projects are measured anywhere around 30,000 to 40,000 sq ft of developable area and valued anywhere around R50,000 per sq ft. The total project cost is about R200 crore.

The western redevelopment project will be around 3 million sq ft of developable area. The company is in final negotiating stage for the project and the deal could be finalised before December, a person close to the development said.

The company is looking in to redevelopment space in Mumbai and the projects would be carried out through a fully-owned SPV of Godrej Properties.