Godrej Properties in JV to develop residential project in Pune
16 December 2011
Mumbai-based real estate developer Godrej Properties has entered into a joint venture to develop a group housing project in Undri, Pune.
Godrej Properties Ltd, the real estate development arm of the Godrej Group, has joined as a partner in Mosiac Landmarks LLP to develop a group housing project at Undri (near NIBM) in Pune.
The joint venture is a profit sharing arrangement with GPL getting 51 per cent of the profits from the project.
The project, spread over 8.64 acres, will offer approximately 500,000 sq. ft of saleable area and is proposed to be developed as a modern group housing residential development comprising 2, 2.5, 3 BHK, and penthouse apartments.
The project, which offers excellent connectivity to all key areas in Pune, like M G Road, the Mumbai-Bangalore Highway (NH 4), and the Pune-Solapur Highway (NH 9), will also benefit from the well developed social and educational infrastructure surrounding it in the immediate neighborhood, the company said in a filing with the Bombay Stock Exchange (BSE).
''We are very happy to announce this project. GPL has built a number of landmark properties in Pune over the years, including Godrej Eternia, Godrej Castlemaine, Godrej Millennium and Godrej Sherwood. This project will offer contemporary living spaces which are environmentally friendly and will help consolidate our presence in the city,'' Pirojsha Godrej, executive director of Godrej Properties, said.
GPL has completed several projects and is currently developing significant projects in 12 cities across India. Godrej Properties Ltd. is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).