Godrej Properties Ltd announces new project in Vikhroli

Mar 11 2014, 17:47 IST
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SummaryGodrej Properties Ltd will act as development manager and work with G&B on the conceptualisation...

Godrej Properties Ltd, the real estate development arm of the Godrej group, announced it 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 8 lakh square feet, and is expected to comprise of premium residences as well as a small component of convenience retail, GPL said in a statement.

Godrej Properties Ltd will act as development manager and work with G&B on the conceptualisation, design, sales, and marketing of the project, and will receive a fee equal to 10% 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 GPL in its role as development manager.

Pirojsha Godrej, managing director and CEO, Godrej Properties said, “We are happy to add this exciting new project to our Vikhroli development portfolio. 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.”

Godrej Properties Ltd's share price closed up 4.68% at Rs 178.90 after touching an intra-day high of Rs 181.50, on Tuesday, on BSE.

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