Godrej Properties Ltd. said it had entered into a joint venture with a developer to construct a luxury housing project in Mumbai.
The project, spread over 4.25 acre, is located in the prime suburban micro-market of Bandra West, Mumbai. It will offer about 1.1 million square feet of saleable area, the company said in a statement.
Pirojsha Godrej, executive chairman of Godrej Properties, said, "We are happy to add this exciting new project to our development portfolio. This project addition fits well with our strategy of building our presence across the country's leading real estate markets."
Mumbai-based Godrej Properties did not name the developer with whom it has formed the joint venture for this project.
Godrej Properties, the real estate arm of the Godrej group, generally develops projects in tie-up with land owners and rarely opts for outright purchase of land.
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