Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPRP) today announced that it has finalized a development agreement for a residential development on a property in Chembur, Mumbai.

Situated off V. N. Purav Marg (Sion - Trombay Highway), behind Telecom Factory, the project has an estimated development potential of approximately 150,000 sqft.

The project location offers excellent connectivity to all key Mumbai business districts, as well as to the international and domestic airports.  The location also boasts very well developed social, educational and entertainment infrastructure.

Like most of its projects, Godrej Properties’ is developing this project under its joint venture development model.  Godrej Properties’ joint venture partner for this project is Bombay Footwear.

Mr. Pirojsha Godrej, Executive Director, Godrej Properties said, “We have completed several high end residential projects within Mumbai at places like Colaba, Mahalaxmi, Worli, Shivaji Park, Andheri, and Thane and look forward to adding this Chembur development to the list. This new project is in line with our strategy of strengthening our presence in the Mumbai market.”