Realty firm Godrej Properties on Wednesday said it has entered into an agreement to redevelop a residential project at Wadala in Mumbai comprising 16 lakh square feet of saleable area.

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In a regulatory filing, the company informed that it has entered into an agreement to redevelop a land parcel in the upscale neighbourhood of Wadala.

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"Spread across 7.5 acres, this project will offer approximately approximately 1.6 million square feet (16 lakh square feet) of saleable area comprising primarily of residential apartments of various configurations," the filing said.

Mohit Malhotra, MD and CEO, Godrej Properties, said the addition of this project marks the company's entry into an important micro market within Mumbai.

This also fits within its current strategy of adding large projects across the country's leading real estate markets, he said.

During the last fiscal year 2020-21, Godrej Properties clocked sales bookings of a record Rs 6,725 crore, which was the highest among all listed real estate entities.

However, the company's sales bookings fell 68 per cent to Rs 497 crore during the April-June quarter of this fiscal from Rs 1,531 crore in the year-ago period.

Godrej Properties is the real estate arm of business conglomerate Godrej group.