Godrej Properties (GPL), the real estate development arm of the Godrej Group, has announced that it has entered into an agreement with Godrej & Boyce (G&B) whereby GPL will act as development manager and be responsible for the conceptualisation, design, sales, and marketing of all future development on the G&B-owned land in Vikhroli in suburban Mumbai.
For its services, GPL will receive a fee equal to 10 per cent of the total revenue generated from the development. The cost 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.
According to the company, over time, the development potential at Vikhroli is likely to make it the largest real estate development in Mumbai. The project will be constructed in phases and the details on each phase will be announced before the launch of the individual phase. The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces.
The first project under this agreement will start immediately with the launch of Godrej Platinum, a residential development of about six lakh sq. ft. It comprises four high-end residential towers.