The real estate developer will act as development manager for a new development in Vikhroli, Mumbai
Godrej Properties Limited (GPL) (BSE: GODREJPRP), the real estate development arm of the Godrej Group, today announced that it has entered into an agreement with Godrej & Boyce (G&B) to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai. The potential saleable area in this project will be approximately 110,000 square meters (1.2 million sq. ft.).
Godrej Properties 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% of the 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.
Over a period of time, the development potential at Vikhroli is likely to make it the largest real estate development in Mumbai. The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces. The first project under this agreement was Godrej Platinum, a residential development of approximately 56,000 square meters (600,000 sq. ft.) across four towers. Three of these towers have been 100% sold and are at an advanced stage of construction. The last of the four towers will be launched in the next few months. Godrej Platinum is one of the first residential projects in the country to receive a LEED-Platinum precertification, which is the highest available certification for green buildings. In addition to three projects under the development management agreement with Godrej & Boyce, Godrej Properties is also developing a 35 acre mixed-use development in Vikhroli called The Trees.
Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, “We are happy to add this new project to our Vikhroli development portfolio. We now have over 6 million sq. ft. of saleable area in Vikhroli that is under various stages of execution or planning. We look forward to additional future opportunities to partner with our Group companies to establish Vikhroli as Mumbai’s most exciting destination.”