Godrej Properties inks JV to build township in Maharashtra

"Godrej Properties has entered into a profit sharing joint venture structure for this project where GPL will receive 35% of the profits from the development," the company, which is part of Godrej group, said in a statement.

The project, which is located between NH4 and the Mumbai- Pune Expressway, will have an estimated saleable area of 3.5 million square feet and is expected to be launched in 2013. The construction is estimated to be completed in about six years from its launch.

"Godrej Properties is focused on developing residential projects in the best locations across India and we believe that Panvel is one of the most strategic locations for the development of a large, high-quality residential township," GPL Managing Director & CEO Pirojsha Godrej said.

The company is currently developing projects in 12 cities across India.