Godrej Properties Ltd (GPL) will redevelop 18 residential buildings in Chembur, Mumbai.
GPL's wholly owned subsidiary, Godrej Projects Development Pvt Ltd (GPDPL), has entered into an agreement with Kamla Landmarc Property Leasing and Finance (Kamla) to undertake the work.
A triparte agreement has been signed by GLRPL, Kamla and the societies of the buildings for the purpose.
The 18 residential buildings were built by MHADA (Maharashtra Housing Area Development Authority) in 1954.The societies of these buildings came together and resolved to go in for redevelopment.
Godrej Properties said the project area consists of 14,600 square metres. It will offer 6 lakh sq ft of free saleable area.
The State Government offers up to 4 FSI (floor space index) as incentive for redevelopment of dilapidated buildings in the city. The incentive is for the developer to make his profit through the free sale area, after accommodating the existing tenants/owners free of cost.
GPL proposes to develop a modern group housing residential development comprising two, 2.5 and three bedroom-hall-kitchen apartments on the premises.
GLRPL will get 87.5 per cent of the revenue generated through sale of the free sale area.
Mr Pirojsha Godrej, Executive Director, Godrej Properties, said, “This project marks GPL's entry into the redevelopment space.”