Godrej Properties has entered into an agreement with Godrej & Boyce (G&B) to develop a new project on the latter’s property on the Eastern Express Highway, Vikhroli, Mumbai.
The potential saleable area in this project will be up to eight lakh sq. ft. and is likely to comprise premium residences as well as a small component of convenience retail.
The real estate development arm of the Godrej Group will act as development manager and will work with G&B on the conceptualisation, design, sales, and marketing of the project. For its services, Godrej Properties will receive a fee equal to 10 per cent of the total revenue generated from the development.
The costs for design and construction of the development will be borne by Godrej & Boyce in its role as owner-developer while the cost for sales and marketing will be borne by Godrej Properties in its role as development manager.
The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces.
Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, “With this new project in our Vikhroli development portfolio we now have about five million square feet 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”.
The company scrip closed at Rs 179, up 4.68 per cent or 8 points from its previous close on the BSE.