Godrej Properties Ltd on Sunday sold 49 per cent stake in its subsidiary Godrej Landmark Redevelopers Private Ltd (GLRPL) to ASK Property Investment Advisors.
Godrej Landmark is working on a residential re-development project in Chembur, Mumbai. ASK will pay a Rs 20-crore premium to GLRPL for its 49 per cent stake in the project, ASK and Godrej said in a joint statement. Pirojsha Godrej, who took over as the MD and CEO of Godrej Properties on Sunday, said, “This fits in well with GPL’s strategy of efficient capital management and demonstrates our continued ability to attract equity capital in difficult market conditions.”
GLRPL has recently signed a tripartite pact with Kamla Landmarc Property Leasing and Finance Private Limited (Kamla) and 18 societies to undertake a residential redevelopment project in Sahakar Nagar (Chembur).
Sunil Rohokale, chief executive officer and managing director of ASK Investment Holdings, said, “Redevelopment is the need of the hour to make Mumbai a world-class city and raise the living standards of its citizens. With the entry of a strong brand like Godrej, re-development is bound to grow exponentially.”
The project, spread over approximately 14,600 sq mtrs, will offer approximately 600,000 sq ft of saleable area. It is proposed to be developed as a modern group housing residential development, comprising two, 2.5, and three BHK apartments.
