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Realty prime godrej Properties has signed an agreement with Godrej & Boyce for developing a premium housing venture on the group firms land parcel at Vikhroli, Mumbai.

 

Godrej Properties, a part of the Godrej Construction, would act as growth manager & get 10 per cent of the total revenue generated from this venture as a service fee.

 

Godrej Properties has entered into an agreement with Godrej & Boyce to develop a latest  venture on the letters property on the Eastern Express Highway, Vikhroli, and Mumbai, it said in a statement on Tuesday.

 

The potential saleable region in this venture would be up to 8 lakh square feet and is likely to comprise of premium residences also a small component of convenience retail.

 

Godrej Properties will act as growth manager and will work with Godrej & Boyce on the conceptualisation, design, sales, and marketing of the venture, it said.

 

While Godrej & Boyce will bear design and group costs in its role as owner developer, the cost for sales and marketing would be borne by Godrej Properties in its role as a growth manager.

 

We are happy to add this exciting latest venture to our Vikhroli growth proof olio. We now have about 5 million square feet of saleable region in Vikhroli that is under various stages of execution or planning, Godrej Properties managing director and CEO Pirojsha Godrej said.

 

This latest growth would add to the scale of operations in Vikhroli and help the firm build momentum in establishing Vikhroli as Mumbais most exciting destination, he added.

 

At Vikhroli, Godrej Properties is developing a housing venture  Godrej Platinum  under a similar agreement with Godrej & Boyce.

 

In addition to Godrej Platinum and this latest  venture, Godrej Properties is developing a 35acre mixeduse growth called The Trees.

 

Overall, Godrej Properties is currently developing housing, commercial and president society ventures spread across 90.5 million square feet in 12 cities. 

Mumbaibased public listed developer Godrej Properties is purchasing back 49.90 per cent stake in its subsidiary Godrej Build well Private Ltd GBPL from private equity investor Motilal Oswal Advisorsmanaged India Realty Excellence Fund, the firm said on Wednesday.

It did not disclose the terms of the transaction including the value of the deal.

Launched in 2009 with a corpus of Rs 200 crore, India Realty Excellence Fund made seven investments that include a Bangalore venture of Godrej Properties called Godrej Platinum.

The domestic fund primarily followed the strategy of investing in affordable & midincome housing and regrowth ventures backed by well established midsized developers across various metros in India. It made investments with an average ticket size of Rs 2030 crore per venture.

However, it had put in around Rs 4550 crore in Godrej Platinum, which is among the current ventures of Godrej Properties.

Godrej Properties, which recently came out with its Q2 FY15 results, reported a net profit of Rs 46.6 crore, up by 36 per cent over the yearago period with sales volumes shooting up 177 per cent.

It launched seven ventures in the second quarter and aims to have a similar number of launches in Q3 as well.

Realty prime Godrej Properties has signed an agreement with group firm Godrej & Boyce for the growth of a premium housing venture on the letters land parcel at Vikhroli in Mumbai.

Godrej Properties, a part of Godrej Construction, would act as growth manager & get 10% of the total revenue generated from this venture as a service fee.

In a statement today, Godrej Properties announced it has entered into an agreement with Godrej & Boyce to develop a latest  venture on the latters property on the Eastern Express Highway, Vikhroli, Mumbai.

The potential saleable region in this venture would be up to 8 lakh square feet and is likely to comprise of premium residences also a small component of convenience retail.

Godrej Properties will act as growth manager and will work with Godrej & Boyce on the conceptualisation, design, sales, and marketing of the venture it said.

The design and group 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 growth manager.

Godrej Properties Managing Director & CEO Pirojsha Godrej said: We are happy to add this exciting latest venture to our Vikhroli growth porof olio. We now have about 5 million square feet of saleable region in Vikhroli that is under various stages of execution or planning. Prestige Lakeside Habitat Bangalore  This latest  growth would add to the scale of operations in Vikhroli and help the firm build momentum in establishing Vikhroli as Mumbais most exciting destination he added.  At Vikhroli, Godrej Properties is developing a housing venture Godrej Platinum under similar agreement with Godrej & Boyce.  In addition to Godrej Platinum and this latest  venture, Godrej Properties is developing a 35acre mixeduse growth called The Trees.  Overall, Godrej Properties is currently developing housing, commercial and president society ventures spread across 90.5 million square feet in 12 cities.