Godrej Properties signs pact with Godrej & Boyce
Godrej Properties Ltd (GPL) (BSE: GODREJPRP), the real estate development arm of the Godrej Group, has entered into an agreement with Godrej & Boyce (G&B). Godrej Properties will act as development manager and will be responsible for the conceptualization, design, sales, and marketing of all future development on the G&B owned Vikhroli land.
For its services, Godrej Properties will receive a fee equal to 10% of the total 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.
Over a period of time, the development potential at Vikhroli is likely to make it the largest real estate development in Mumbai. The project will be constructed in phases and the details on each phase will be announced before the launch of the individual phase. The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces.
The first project under this agreement will start immediately with the launch of Godrej Platinum, a residential development of approximately 600,000 square feet. Godrej Platinum comprises of four high-end residential towers on which construction has already begun. This project is one of the first residential projects in the country to receive a LEED-Platinum precertification, which is the highest available certification for green buildings. Godrej Platinum joins Godrej Properties’ currently underway mixed-use 35-acre development, The Trees, as being among the first developments Godrej Properties is carrying out on the Group’s large Vikhroli estate.
Pirojsha Godrej, Executive Director, Godrej Properties said, “We are thrilled to have partnered with Godrej & Boyce in a manner that will allow the Godrej Group to create a world class development in the heart of Mumbai. Over time, this will be Godrej Properties’ largest and most exciting development. Godrej Properties will develop Godrej Platinum and all future developments to the highest design, construction, and sustainability standards and will seek to transform Vikhroli into Mumbai’s most desirable residential, commercial, and industrial township.”