DB Realty Inks JV for Slum Redevelopment Projects in Mumbai with Godrej Properties

Godrej Properties Partners with DB Realty for Slum Redevelopment Projects in Mumbai. Leading real estate developer Godrej Properties has announced a strategic partnership with DB Realty to focus on slum rehabilitation and redevelopment projects in Mumbai. The total investment for this collaboration is estimated at Rs. 700 crore. DB Realty Inks JV for Slum Redevelopment Projects in Mumbai with Godrej Properties

Key Points:

• Investment Breakdown:
  • Godrej Properties to acquire a 10% stake (around Rs. 400 crore) in DB Realty through convertible warrants.
  • A joint platform with Rs. 600 crore investment (Rs. 300 crore each from Godrej Properties and DB Realty) will be established for undertaking redevelopment projects.
• Joint Platform Details:
  • This 50:50 equity partnership will prioritize slum rehabilitation and MHADA (Maharashtra Housing and Area Development Authority) redevelopment projects identified by DB Realty across Mumbai.
  • Godrej Properties will have the right of first refusal for all such projects.
  • Godrej Properties will receive a 10% development management fee.

Benefits for Both Parties:

• Godrej Properties: Gains access to a significant pipeline of redevelopment projects in Mumbai, a key market.
• DB Realty: Leverages Godrej Properties’ expertise in project conceptualization, execution, marketing, and financing.

Industry Significance:

This partnership signifies a growing focus on slum redevelopment projects in Mumbai. It combines Godrej Properties’ established presence with DB Realty’s local expertise and project identification capabilities.

Additional Notes:

• The partnership is expected to expedite the completion of slum rehabilitation and MHADA redevelopment projects in Mumbai.
• Godrej Properties’ existing presence in Mumbai, Pune, Bengaluru, and Delhi-NCR is further strengthened with this strategic collaboration.