Godrej Properties, the real estate development arm of the Godrej Group, today announced that it has entered into an agreement to develop approximately 110 acres of land in Panvel. The project will have an estimated saleable area of 3.5 million square feet.
Like most Godrej Properties projects, this project will be done on a joint venture basis. 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 project is expected to be launched in 2013 and is estimated to be completed in approximately six years from its launch.
The project is located between NH4 and the Mumbai - Pune Expressway. It will be easily accessible from both these highways. The site has fantastic views of the Sahyadri Mountains and the Western Ghats. The project is in close proximity to the proposed second International Airport in Panvel, the Jawaharlal Nehru Port Trust, and the proposed Sewri - Nhava Seva Trans Harbor Link. The strategic location near several major existing and upcoming infrastructure facilities makes Panvel one of the most exciting real estate locations in India. Pirojsha Godrej, managing director & CEO, Godrej Properties (Q,N,C,F)* said, ``We are thrilled to announce this development. 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.``
Shares of the company declined Rs 0.4, or 0.08%, to settle at Rs 517.55. The total volume of shares traded was 6,967 at the BSE (Monday).
Source: www.myiris.com
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