Godrej Properties signs agreement with Godrej & Boyce to develop Vikhroli land
05 October 2011
Godrej Properties, the real estate arm of Godrej group, has entered into an agreement with Godrej & Boyce (G&B), under which the realtor will act as a manager for development of the group-owned land in Vikhroli.
Godrej & Boyce is a privately-held firm into various businesses including home appliances, security equipment, furniture and process equipment among others.
Godrej Properties will act as development manager and will be responsible for the conceptualisation, design, sales, and marketing of all future development on the G&B-owned Vikhroli land.
For its services, Godrej Properties will receive a 10 percent fee of the total revenue generated from the development, it said in a statement.
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.
The first project under this agreement will start immediately with the launch of Godrej Platinum, a residential development of about 600,000 square feet.