Godrej Properties adds new project in Mumbai through pact with Godrej & Boyce
The real estate development arm of the Godrej Group, Godrej Properties said in a release that it has entered into a pact with group company Godrej & Boyce to develop a new project on the latter’s property at Vikhroli suburb of Mumbai.
The project is expected to comprise of premium residences as well as a small component of convenience retail, and the potential profitable area in this proposed project will be up to 800,000 sq ft.
The development manager will be Godrej Properties and will work with Godrej & Boyce on the concept, design, sales, and marketing of the project. The release alleged that the developer will receive a fee equal to 10% of the total revenue generated from the development.
Godrej & Boyce will bear the costs for design and construction of the development in its role as owner-developer whereas the cost for sales and marketing will be borne by Godrej Properties in its role as development manager.
Pirojsha Godrej, Managing Director & CEO, Godrej Properties mentioned “We now have about 5 million sq ft of saleable area in Vikhroli that is under various stages of execution or planning. This new development will add to the scale of our operations in Vikhroli and will help us build momentum in establishing Vikhroli as Mumbai’s most exciting destination.”
The first project of Godrej Properties under this agreement was Godrej Platinum, a residential development of around 600,000 sq ft across four towers. Godrej Properties is also developing a 35 acre mixed-use development in Vikhroli called The Trees, in addition to Godrej Platinum and this new project.
Source: The Economic Times
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