Godrej Properties acquires 20-acre land in Mumbai to develop housing project

Realty firm Godrej Properties on Wednesday said it has agreed to acquire 20 acres of land in Kalyan, Mumbai, to develop a housing project.

Godrej Properties, which is a real estate arm of the business conglomerate Godrej Group, said in a regulatory filing that it has "entered into an agreement to acquire a well-located land parcel in Kalyan."

Spread across 20 acres, this project will offer 15 lakh square feet of saleable area, comprising primarily of residential apartments with a small portion of retail/commercial space, it added.

The company did not disclose the deal value and also the name of the seller.

Kalyan is an established micro-market within the Mumbai Metropolitan Region and this site is strategically located with multiple schools, hospitals, retail and residential spaces in close proximity.

Pirojsha Godrej, Executive Chairman, Godrej Properties said, “This fits well with our strategy of deepening our presence in key markets across India's leading cities".