The project will offer approximately 1 lakh square meters of saleable area and will be developed as a luxury residential project.
Share price of Mumbai-based real estate developer Godrej Properties gained more than 3 percent intraday Thursday as company is going to develop new luxury residential project in Mumbai.
The company in its press release said that it has entered into a joint venture with a renowned developer to develop a 4.25 acres sea-facing property in the prime suburban micro-market of Bandra West, Mumbai.
The project will offer approximately 1 lakh square meters (approximately 1.1 million square feet) of saleable area and will be developed as a luxury residential project, it added.
Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are happy to add this exciting new project to our development portfolio. This project addition fits well with our strategy of building our presence across the country's leading real estate markets."
At 10:48 hrs Godrej Properties was quoting at Rs 913.30, up Rs 21.85, or 2.45 percent on the BSE.
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