Godrej Properties Ltd (GPL), the real estate arm of the Godrej conglomerate, on Thursday announced that it had hit a contract with the Sahakar Nagar Vibhag-II Federation to undertake a residential redevelopment project in Chembur, Mumbai.

The contract, which GPL entered through its wholly-owned subsidiary Godrej Redevelopers Mumbai Private Limited (GRMPL), is to redevelop a residential project of 200 tenements in Sahakar Nagar-II at Chembur in Mumbai.

The residential tenements were originally developed by MHADA in the year 1954. The work of redevelopment the residential properties will take place under Regulation 33(5) of Development Control Regulation for Greater Mumbai, 1991.

Spreading over 3.9 acres of land, the project will offer nearly 750,000 square feet of free sale area. It is proposed to be developed as a modern residential project that will offer two, two-7-half, and three BHK apartments.

Strategically located Sahakar Nagar is just a just a few minutes walk away from Tilak Nagar railway station.

Pirojsha Godrej, managing director and chief executive of Godrej Properties Ltd said, "The central location and upcoming infrastructure in the vicinity of this project make this one of our most exciting new projects."

Through the upcoming Santacruz-Chembur Link Road, the project will enjoy superb connectivity to Bandra-Kurla Complex. In addition, it will enjoy direct connectivity to the Eastern Express Highway.