Godrej Properties adds new project in Mumbai through pact with Godrej & Boyce.

Godrej Properties, the real estate development arm of the Godrej Group, has entered into a pact with group company Godrej & Boyce to develop a new project on the latter's property at Vikhroli suburb of Mumbai, the company said in a release.

The potential saleable area in this proposed project will be up to 800,000 sq ft. The project is likely to comprise of premium residences as well as a small component of convenience retail.

Godrej Properties will be the development manager and will work with Godrej & Boyce on the concept, design, sales, and marketing of the project. The developer will receive a fee equal to 10% of the total revenue generated from the development, the release said.

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.

ET