Godrej launches a realty project at Worli in Mumbai

Godrej Properties has entered into an agreement with realty developer Akshaya Sthapatya (ASPL) to jointly develop a 1.1 million sq ft residential project at Worli, Mumbai. The sea-view project is the first such deal in the country since the Covid-19-led lockdown sent realty sector haywire. The project will be spread over 5 acres and will include the rehabilitation of more than 1,500 families living in the slum dwellings. The project was started in 2002 with a few other partners who are not part of the venture anymore. It was stuck for almost a decade due to regulatory logjam over Coastal Regulation Zone (CRZ) norms. A spokesperson for Dynamix Group confirmed the alliance and informed that the estimated free sale component is approximately 1.17 million sq ft, subject to statutory approvals, including CRZ clearance.