New Delhi: Realty major Godrej Properties has signed an agreement with group firm Godrej & Boyce for the development of a premium housing project on the latter’s land parcel at Vikhroli in Mumbai. Godrej Properties, a part of Godrej Group, would act as development manager and get 10 per cent of the total revenue generated from this project as a service fee. In a statement today, Godrej Properties announced it has entered into “an agreement with Godrej & Boyce to develop a new project on the latter’s property on the Eastern Express Highway, Vikhroli, Mumbai.”
The potential saleable area in this project would be up to 8 lakh sq ft and is likely to comprise of premium residences as well as a small component of convenience retail. “Godrej Properties will act as development manager and will work with Godrej & Boyce on the conceptualisation, design, sales, and marketing of the project,” it said.
The design and construction costs will be borne by Godrej & Boyce in its role as owner-developer, while the cost for sales and marketing would be borne by Godrej Properties in its role as a development manager. Godrej Properties Managing Director & CEO Pirojsha Godrej 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 would add to the scale of operations in Vikhroli and help the company build momentum in establishing Vikhroli as Mumbai’s most exciting destination, he added.
At Vikhroli, Godrej Properties is developing a housing project ‘Godrej Platinum’ under similar agreement with Godrej & Boyce. In addition to Godrej Platinum and this new project, Godrej Properties is developing a 35-acre mixed-use development called ‘The Trees’. Overall, Godrej Properties is currently developing residential, commercial and township projects spread across 90.5 million sq ft in 12 cities.