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Godrej Properties to focus on redevelopment projects in Mumbai
Tags : Godrej Properties,GPDPL,MHADA,DMA,business
Abhayank Tiwari  | Sunday, May 6 2012 7:22PM IST
Godrej Properties to focus on redevelopment projects in Mumbai
New Delhi: The real estate developer Godrej Properties decides to develop its project portfolio in this section.GPL Managing Director and CEO Pirjsha Godrej said, "Mumbai requires a large number of redevelopment projects especially for increasing the availability of housing in the city. Recently, we signed a few deals for redevelopment projects. We will continue to look to extend the redevelopment model in our project portfolio.”He added, "Redevelopment and development management models allow us to do a lot of development without needing to buy the land. They also both leverage to a great extent the strength of Godrej brand in attracting partners to work with us even without deploying capital. I think they both make a lot of strategic and financial sense to the company and these are models we will continue to look to extend this year.”The city-based firm's subsidiary Godrej Projects Development (GPDPL) recently entered into an accord with Kamla Landmarc Property Leasing and Finance to redevelop 18 residential buildings in Chembur, Mumbai.GPDPL also entered into a development management agreement (DMA) with RR Builders to redevelop a MHADA property in Byculla.He said, "Redevelopment and development management models allow us to do a lot of development without needing to buy the land. They also both leverage to a great extent the strength of Godrej brand in attracting partners to work with us even without deploying capital. I think they both make a lot of strategic and financial sense to the company and these are models we will continue to look to extend this year."