DELHI: Godrej PropertiesBSE 0.77 % today announced an agreement with Ador Group to develop a luxury housing project spread over almost seven acres in Mumbai.
Godrej Properties, the real estate arm of Godrej Group, said it has signed a development agreement with Ador Group for a 6.7 acre land parcel situated on LBS Marg at Bhandup (W) in Mumbai.
The project, which has a saleable area of about 7.76 lakh sq ft, will be developed as a premium residential group housing project, Godrej Properties said in a statement.
Godrej Properties follows a joint venture model with land owners for development of the real estate projects. Ador Group owns the land parcel.
"We are happy to have added a new project on LBS Marg. Mumbai forms a key part of our growth strategy and we look forward to continuing to build our presence through projects in superior locations across the city," Godrej Properties Managing Director & CEO Pirojsha Godrej said.
Godrej Properties is currently developing residential, commercial and township projects spread across 87.6 million square feet in 12 cities.
The company currently has about 35 projects. It had added eight new projects during last fiscal. Its total income grew by 28 per cent to Rs 1,048 crore last fiscal.
Mumbai-based Ador Group's core operation is in engineering products and services. The group has also diversified into cosmetic products and green energy solutions.