Real estate development arm of Godrej Group, Godrej Properties (GPL) today said it has entered into a joint venture with Godrej & Boyce to develop residential projects in Hyderabad and Thane.
The company has formed two limited liability partnerships (LLPs) with Godrej & Boyce -- Godrej Buildcorp LLP (GB LLP) and Godrej Property Developers LLP (GPD LLP)-- to develop the projects in Hyderabad and Thane, respectively, a release issued here stated.
GB LLP will develop the 9.16 acres land parcel at Moosapet, Hyderabad. The approximate developable area will be two million square feet. This is a profit sharing arrangement with GPL getting 35% of the profits from the project.
GPD LLP will develop the three acre land parcel at Thane and 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, the release said.
"We are very happy to have entered into two LLP's with Godrej & Boyce. 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. Our aim will be to create outstanding projects that offer our customers an environmentally friendly, well designed living environment," GPL's Executive Director, Pirojsha Godrej said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
