Godrej Properties has Signed Joint Development Agreement in Worli Mumbai with Akshya Sthapatya

Godrej Properties has signed a joint venture agreement with Akshaya Sthapatya (ASPL) to develop a luxury residential project in Worli, Mumbai for Sea facing Property.

• Project Highlights:

  • Size: 1.1 million sq ft (estimated free sale area)
  • Location: Sea-facing plot diagonally opposite Nehru Center, Worli
  • Project Value (estimated): Rs 3,500 crore (based on Rs 35,000 per sq ft)
  • Profit-sharing agreement between Godrej Properties and ASPL

• Significance:

  • First major real estate deal in India since the COVID-19 lockdown.
  • Project includes rehabilitation of over 1,500 slum dwellings.

• Project Details:

  • Part of a slum rehabilitation project initiated in 2002 by ASPL.
  • ASPL (with Satellite Group and Dynamix Group) will handle the rehabilitation component.
  • Godrej Properties will be responsible for the design, master plan, and development of the free-sale residential area.
  • Marketing and branding will be a joint effort.

• Next Steps:

  • Godrej Properties has made a token payment and will pay further upon completing milestones.
  • Project approval awaits CRZ clearance (Coastal Regulation Zone).

This project signifies a potential revival in the Indian real estate sector and Godrej Properties’ strategic move towards sea-facing luxury developments.