Reality developer Godrej Properties has signed an agreement with the DIC India to acquire about 3-acre land parcel in Chandivali area of Mumbai city for Rs 153 crore.

The company has “entered into an agreement to purchase land in the upcoming & fast developing micro-market of Chandivali, Mumbai,” said a statement issued by the firm.

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The project, which will be developed on this 3-acre land, will offer 0.45 million square feet of saleable area primarily comprising residential apartments with a small amount of retail space.

Separately, DIC India said in a regulatory filing that its board has approved the sale of land located at Chandivali, adding that the consideration of this land parcel is up to Rs 153 crore to be paid in three tranches.

Earlier this month, Godrej Properties acquired nearly 27 acre land parcel in the national capital for Rs 1,359 crore to develop luxury housing project.

(With input from agencies)