Godrej Properties has announced on Friday that it is starting its second redevelopment project in Chembur area in the financial capital Mumbai.

The project will be undertaken by the company's subsidiary, Godrej Redevelopers Mumbai Pvt. Ltd in the city.  The company is set to get around 750,000 sq. ft of saleable area in the project, which will be used to develop residential complex comprising two- and three-bedroom apartments. The company has entered into a redevelopment agreement with Sahakar Nagar Vibhag-II Federation, which represents six co-operative societies including 200 tenements, for the project spreading across more than 3.9 acres.

This will be the second such project for the company in the area after the project under which, it has signed a deal to redevelop 18 residential buildings with 216 members in Sahakar Nagar I. the Muymbai based real estate firm is increasing looking at redevelopment projects  as it is difficult to obtain land for new projects in the sea side financial capital of India.

Meanwhile, Godrej Properties announced on Thursday that is has signed another redevelopment project spreading 1.3 acres in Malad area of Mumbai. Godrej Properties has also launched a affordable housing scheme within the Godrej Garden City (GGC) in Ahmedabad.