The private equity firm ASK Property Investment Advisors has bought 49% stake in Godrej Properties’ Chembur project.
Godrej had earlier entered into a tripartite agreement with Kamla Landmarc Property Leasing and Finance Private Limited (Kamla) and 18 societies to undertake a residential redevelopment project in Sahakar Nagar, Chembur, Mumbai. The project, spread over approximately 14,600 sq. mtrs, will offer approximately 600,000 sq. ft of saleable area and is proposed to be developed as a modern group housing residential development comprising 2, 2.5, and 3 BHK apartments.
ASK Group along with Godrej will invest in the Sahakar Nagar redevelopment project. ASK will pay a Rs. 20 crores premium to GPDPL for its 49% stake in the project.
Pirojsha Godrej, Executive Director, Godrej Properties said, “We are very happy to have reached this agreement with ASK Group. This fits in well with GPL’s strategy of efficient capital management and demonstrates our continued ability to attract equity capital in difficult market conditions.”
Sunil Rohokale, CEO & Managing Director of ASK Investment Holdings said “It is our privilege to partner a reputed name like Godrej. We are excited as well as confident about this partnership. Redevelopment is the need of the hour to make Mumbai a world class city and raise the living standards of its citizens. With the entry of a strong brand like Godrej, redevelopment is bound to grow exponentially.”
