Godrej Properties Ltd has entered into an agreement to purchase a 3-acre land parcel in the upcoming micro-market of Chandivali in Mumbai with DIC India for Rs 153 crore.
Spread across approximately 3 acres, the project will offer 41,800 square meters (0.45 million square feet) of saleable area comprising primarily of residential apartments of various configurations with a small amount of retail space, the company said.
Situated in close to the bustling suburb of Powai, Chandivali is one of the preferred residential locations in Mumbai. The site is strategically located and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.
"We are happy to add this new project in Chandivali, which fits well with our strategy of deepening our presence in key markets across India's leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents," said Pirojsha Godrej, Executive Chairman, Godrej Properties
In regulatory filing, DIC India Limited said that its board approved the sale of land located off Saki Vihar Road at Chandivali, Mumbai, at a board meeting held on February 27, 2020. The agreement for sale was entered into on February 27, 2020 and the expected date of completion of the sale is March 31, 2020.
The consideration of this land parcel is up to Rs 153 crore to be paid in three tranches, the filing said. The first tranche of Rs 102.5 crore is to be paid at the time of registration, Rs 17.5 crore within 18 months of registration and interest at 6% is payable on Rs 17.5 crore from registration till payment, the company said in its filing.
It also said that the Rs 33 crore is contingent on achieving certain milestones with respect to height clearance, to be obtained by the buyer, from appropriate authorities.
“Upon registration of the conveyance deed, the title in the property shall fully pass to GPL,” the filing said.
Earlier this month, Godrej Properties acquired a nearly 27-acre land parcel in the national capital for Rs 1,359 crore to develop a luxury housing project. The land parcel belonged to Rail Land Development Authority.