The Mumbai-based real estate developer Godrej Properties Ltd. announced that it had entered into an agreement with ASK Property Investment Advisors, a leading real estate private equity player, to sell a 49 percent stake in its subsidiary Godrej Landmark Redevelopers Pvt. Ltd. (GLRPL), which is developing redevelopment project in Chembur, Mumbai.
GLRPL recently entered into a tripartite agreement with Kamla Landmarc Property Leasing and Finance Pvt. Ltd. and 18 societies to undertake a residential redevelopment project in Sahakar Nagar, Chembur, Mumbai. The project, spread over around 14,600 sq.mtrs. will offer around 600,000 sq.ft. saleable area and is proposed to be developed as a modern group housing residential development comprising 2,2.5 and 3 BHK apartments.
ASK Group along with GLRPL will invest in the Sahakar Nagar redevelopment project. ASK will pay a Rs.20 crore premium to GPDPL for its 49 percent stake in the project.
Godrej Properties Executive Director Pirojsha Godrej said, "We are very happy to have reached this agreement with ASK Group. This fits in well with Godrej Properties strategy of efficient capital management and demonstrates our continued ability to attract equity capital in difficult market conditions."
ASK Investment Holdings CEO and MD Sunil Rohokale said, "Redevelopment is the need of the hour to make Mumbai a world class city and raise the living standard of its citizens. With the entry of a strong brand like Godrej, redevelopment is bound to grow exponentially."
At the BSE, Godrej Properties shares are currently trading at Rs.640.95, up 3.62 percent from the previous close.
by RTT Staff Writer
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