Godrej Properties, a Mumbai-based real estate developer, has entered into a joint venture with Godrej & Boyce to develop residential projects in Hyderabad and Thane.
The company which is the real estate development arm of the Godrej Group, has formed two limited liability partnerships (LLPs) with Godrej & Boyce to develop these projects.
Godrej Buildcorp LLP (GB LLP) will develop the 9.16 acres land parcel at Moosapet, Hyderabad. The approximate developable area will be 2 million square feet. This is a profit sharing arrangement with GPL getting 35% of the profits from the project.
Another LLP, Godrej Property Developers LLP (GPD LLP) will develop the 3-acre land parcel at Thane. The approximate saleable area will be 0.26 million square feet. This is also a profit sharing arrangement with GPL getting 32% of the profits from the project.
Godrej Properties executive director Pirojsha Godrej said, “These are the second and third developments after our project, The Trees, in Mumbai that we will do in partnership with one of our Group companies. We look forward to additional future opportunities to partner with our Group companies."
On the Bombay Stock Exchange, shares of Godrej Properties were trading at Rs 808.90, up 2.55% at IST 1423.
