Godrej & ASPL Development Pact for Worli Project

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 big-ticket, sea-view project is the first such deal in the country since the Covid-19-led lockdown disrupted work and demand in the real estate sector. The transaction is envisaged on a profit-sharing basis between ASPL and Godrej Properties. The project will be spread over 5 acres and will include rehabilitation of the more than 1,500 families living in 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. As per the agreement, ASPL, through Dynamix and Satellite, will be executing the rehabilitation part of the project located next to the National Sports Club of India (NSCI), while Godrej will be responsible for the free-sale component. The project’s marketing and branding will be done jointly by the entities involved. The design and master layout of the project is being worked out by Godrej Properties.