Mumbai: Godrej Properties has inked a pact with Godrej & Boyce (G&B) to develop a mixed use project in Vikhroli, Mumbai. The potential saleable area in this project will be approximately 1.2 million sq ft, Godrej Properties said in a release.
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 per cent 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, Godrej Properties said.
The mixed-use development 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 6 lakh sq ft across four towers.