Godrej Properties (GPL), the real estate development arm of the Godrej Group, 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 square feet).
Godrej Properties will act as development manager and will work with G&B on the conceptualization, 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.
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.