Godrej Properties to develop township project in Bangalore
Apr 07 2014 , New Delhi
"Godrej Properties Ltd, the real estate development arm of the Godrej Group, has entered into an LLP (limited liability partnership) to develop a residential township project in North Bengaluru," the company said in a statement.
The 100-acre project would offer a potential saleable area of about 9.4 million sq ft. Like other projects, this township would be developed as a profit sharing partnership, it said.
The company, however, did not mention the name of the partner.
The project is proposed to be developed as an integrated township with a mix of residential unit types as well as a school, convenience retail, and other amenities.
Godrej Properties MD & CEO Pirojsha Godrej said: "This will be our third township project after our projects in Ahmedabad and Mumbai and we will seek to create an outstanding destination".
As per the company's strategy, Godrej Properties has been adding projects to its portfolio through joint ventures with land owners.
Last month, Godrej Properties had entered into a joint venture with two local firms to develop a premium housing project in Pune. It would get 35 per cent profit from the 43-acre JV project.
Only last month, the company 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 is currently developing residential, commercial and township projects spread across 95 million sq ft in 12 cities.