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

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

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4 year(s) ago

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.

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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