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.

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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".