The Mumbai-based real estate developer will acquire two plots in Sanpada, Navi Mumbai from the City and Industrial Development Corporation (CIDCO) Godrej Properties Ltd. This transaction will be at the cost of Rs 166 crore.
Godrej Properties informed the exchange that it is the highest bidder for two plots in Sanpada, Navi Mumbai. The company emerged as the highest bidder in the CIDCO e-auctioning process with the total bidding value of Rs 166 crore for the two adjacent plots.
These plots are situated approximately 1 km away from Palm Beach, Sanpada. It is considered as a desirable location in Navi Mumbai. It offers a well-developed social and civic infrastructure with reputed schools, hospitals, residential and commercial spaces in close proximity.
Spread over approxiamtely 1.5 acres, this project will offer approximately 4 lakh square feet of development potential comprising primarily premium residential apartments of varied configurations with a small amount of high street retail at the base of the development.
Commenting on the project, Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add this new project in Navi Mumbai to our portfolio. This project will strengthen our development portfolio in MMR and fits well with our strategy of deepening our presence in key markets across India’s leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents.”