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Godrej Properties Enters New Joint Venture Project In Pune

4/1/2013 1:09 AM ET

The Mumbai-based real estate development arm of the Godrej Group Godrej Properties Ltd. (GPL) entered into a joint venture project to develop a housing project at Undri (near NIBM) in Pune.

The project, spread over 31 acres, will offer around 1.5 million sq.ft. Saleable area and will comprise of 1, 2 and 3 BHK apartments.

The location offers excellent connectivity to all key access points in Pune like M.G. Road, the Mumbai-Bangalore Highway (NH 4), and the Pune-Solapur Highway (NH 9). The project will also benefit from the well developed social and educational infrastructure surrounding it with Corinthian Club, Bishop's co-ed School, and Delhi Public School in the immediate neighbourhood.

Godrej Properties will be entitled to 40 percent of the profits from the project.

Managing Director & CEO Pirojsha Godrej said, "We are very happy to announce this new project in Pune. GPL has built a number of landmark properties in Pune over the years including Godrej Eternia, Godrej Castlemaine, Godrej Millennium and Godrej Sherwood. Godrej Horizon, our current residential project, is also located in Undri. This project will offer contemporary, environmentally friendly living spaces and will help to grow our presence in Pune."

At the BSE, Godrej Properties shares are currently trading at Rs.540.40, up 2.10 percent from the previous close.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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