Godrej Properties has increased its equity stake in Wonder Space Properties from 25.1 per cent to 96.03 per cent by acquiring equity shares from Shubh Properties Cooperatief U.A.
After the acquisition, Wonder Space Properties, engaged in construction and development of land in Delhi NCR region, has become a subsidiary of Godrej Properties.
In regulatory filings to stock exchanges, Godrej also announced entering into a joint venture with a renowned developer to develop a 4.25 acres sea-facing property in the prime suburban micro-market of Bandra West in Mumbai. The project will offer one lakh square metres or 11 lakh square feet of saleable area. It will be developed as a luxury residential project.
Another residential project at Vashi in Navi Mumbai will be spread across five acres and will offer 47,000 square metres of a saleable area comprising mainly of modern residential apartments of various configurations.
"This will strengthen our development portfolio in Mumbai Metropolitan Region and fits well with our strategy of deepening our presence in key markets across India's leading cities," said Godrej Properties Executive Chairman Pirojsha Godrej.
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