Godrej Properties purchases 3 acre land in Mumbai for Rs 153 crore

Godrej Properties has bought about 3 acre land parcel in Mumbai from DIC India Ltd for Rs 153 crore.

The company said in a statement that it has "entered into an agreement to purchase land in the upcoming & fast developing micro-market of Chandivali, Mumbai."

Spread across about 3 acres, this project will offer 0.45 million square feet of saleable area primarily comprising residential apartments with a small amount of retail space.

Separately, DIC India said in a regulatory filing that its board has approved the sale of land located at Chandivali.

The consideration of this land parcel is up to Rs 153 crore to be paid in three tranches, the filing added.

Earlier this month, Godrej Properties acquired nearly 27 acre land parcel in the national capital for Rs 1,359 crore to develop luxury housing project.