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    Godrej Properties inks redevelopment pact for 7.5-acre project in Mumbai’s Wadala

    Synopsis

    “This marks our entry into an important micro market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets,” said Mohit Malhotra, MD & CEO, Godrej Properties.

    Godrej realtyAgencies
    Godrej Properties, as part of its stated strategy, is looking to leverage its brand and financial position to tap consolidation opportunities through distress situations arising in the real estate sector.
    Realty major Godrej Properties has entered into an agreement to redevelop a 7.5-acre land parcel in central Mumbai’s Wadala locality. The project is expected to offer around 1.6 million sq ft of saleable area comprising primarily residential apartments of various configurations.

    “This marks our entry into an important micro market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets,” said Mohit Malhotra, MD & CEO, Godrej Properties.

    Godrej Properties as part of its stated strategy is looking to leverage its brand and financial position to tap consolidation opportunities through distress situations arising in the real estate sector.

    Industry experts believe that ongoing market consolidation in favour of large and established developers to gain momentum hereon, owing to better brand, execution ability and access to liquidity in the current market environment than that for smaller developers.

    P15Godrej

    Last year, Godrej Properties had raised Rs 1,000 crore through non-convertible debentures on a private placement basis for a term of 3 years at 7.5%. Prior to that, it had also raised Rs 2,100 crore last year through a qualified institutional placement (QIP).

    In March too, the developer raised Rs 3,750 crore through another QIP of 2.59 crore equity shares to global investors including Goldman Sachs Funds, Government of Singapore and Invesco Oppenheimer Developing Markets Fund.

    The company has raised these funds to drive consolidation through this additional capital and use it to significantly strengthen the company's development portfolio.

    The developer has also recently emerged as the highest bidder for two Navi Mumbai plots e-auctioned by the government of Maharashtra’s city planning authority the City and Industrial Development Corporation (CIDCO).


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    ( Originally published on Sep 29, 2021 )
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