Godrej Properties (GPL), the real estate development arm of the Godrej Group, has entered into an agreement to develop 37 acres in Panvel. This new area is in addition to and is contiguous with the 110 acres project the company had added to its portfolio in FY13. It will be developed in partnership with the same landowners and at the same terms as the 110 acres parcel and will not require any additional initial investment by Godrej Properties. GPL will receive 35% of the profits from the development.
The Company will now have a total land parcel of 147 acres in Panvel. This combined project has an estimated saleable area of 4.3 million square feet as per the current Special Township Policy. The saleable area available in the project is likely to increase to above 11 million sq. feet as per the proposed Special Township Policy. The project is located between NH4 and the Mumbai – Pune Expressway. It will be easily accessible from both these highways. The site has fantastic views of the Sahyadri Mountains and the Western Ghats.
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.
