Godrej Properties has entered an agreement to redevelop a 7.5 acre land parcel in Wadala, Mumbai.

The 7.5 acre project will have about 1.6 million square feet of saleable space, mostly residential apartments in various configurations.

The new project in Wadala marks Godrej Properties' entry into an important micro-market within Mumbai, according to Mohit Malhotra, Managing Director and Chief Executive Officer.

It also fits into the company's current strategy of acquiring large projects in the top real estate markets in the country.

Godrej Properties is launching a number of projects this year in various cities. The company has been steadily acquiring projects to diversify its portfolio, which is primarily comprised of residential developments.

The property developer agreed in December to pay an undisclosed sum for an 18 acre land parcel in Whitefield, Bengaluru.

The project has a 2.4 million sq ft development potential, with the majority of the units being residential apartments in various configurations.

On the launch day of the second phase of its Godrej Woods project in Noida in September, the company announced that it had sold 340 homes totalling half a million sq ft for Rs 575 crore.

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Also read: Godrej Properties gets Rs 575 cr from home sales in Noida project