Godrej Properties to be development manager for a new redevelopment project in Mumbai

The Mumbai-based real estate developer signs a development management agreement for a project on Currey Road

Godrej Properties Limited (GPL) (BSE scrip id: GODREJPRP), the real estate development arm of the Godrej Group, through its wholly owned subsidiary Godrej Projects Development Private Limited (GPDPL), has entered into a Development Management Agreement with Ratnaraj Blessing Milestone, a partnership firm, to redevelop a private society, Kamgar Swa Sadan Cooperative Housing Society Limited, situated at Mahadeo Palav Marg, Currey Road, Mumbai. Godrej Properties will act as development manager and will be responsible for the conceptualization, design, sales, and marketing of the project.

The project will offer approximately 120,000 sq. ft of saleable area and is proposed to be developed as a modern residential development with 2, 3, and 4 BHK apartments.  The site is strategically located close to Currey Road and Lower Parel Stations and will have easy access to the business  hub of Lower Parel.  It is well connected by road and rail to most important locations across Mumbai. The upcoming Mono Rail network is also in close proximity. The project will offer panoramic views of the cityscape of Mumbai.

For its services as Development Manager, GPDPL shall be entitled to a development management fee from Ratnaraj Blessing Milestone over the duration of the project plus an upside promote based on sales realisations beyond a threshold. The entire costs for design, construction, and development of  the project will be borne by Ratnaraj Blessing Milestone in its role as developer, while the cost for marketing and supervision of the Project will be borne by Godrej  Properties in its role as development manager. Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, “We are happy to announce this project in Currey Road, under the development management model. This is the 4 th  consecutive quarter in which Godrej Properties has added a new redevelopment project in Mumbai. We are very encouraged by the traction we have gained in this exciting space.  The development management model will allow Godrej Properties to benefit from this development with limited risk.  We will seek to ensure this becomes one of Mumbai’s finest residential developments.”

http://www.godrejproperties.com/backoffice/data_content/pdf_files/PRESS_RELEASE1.pdf