MUMBAI: Godrej Properties, the real estate development arm of the Godrej Group, 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 company said in a release.
The potential saleable area in this proposed project will be up to 800,000 sq ft. The project is likely to comprise of premium residences as well as a small component of convenience retail.
Godrej Properties will be the development manager and will work with Godrej & Boyce on the concept, design, sales, and marketing of the project. The developer will receive a fee equal to 10% of the total revenue generated from the development, the release said.
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.
"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," Pirojsha Godrej, Managing Director & CEO, Godrej Properties.
Godrej Properties' first project under this agreement was Godrej Platinum, a residential development of around 600,000 sq ft across four towers. In addition to Godrej Platinum and this new project, Godrej Properties is also developing a 35 acre mixed-use development in Vikhroli called The Trees.