Godrej Properties has entered into a profit sharing agreement with Godrej & Boyce to develop residential projects in Hyderabad and Thane. Under the agreement, Godrej Buildcorp will develop a 9.16 acre at Moosapet, Hyderabad. The approximate developable area will be two million square feet. In this project, Godrej Properties will get 35 per cent of the profit generated from the project. Godrej Property Developers will develop three acres at Thane, where the sale area will be about 0.26 million sq ft. In this project, Godrej Properties’ profit share will be 32 per cent of the profits generated from the project.
Pirojsha Godrej, executive director, Godrej Properties, said, “We are very happy to have entered into two LLP’s (limited liability partnership) with Godrej & Boyce. These are the second and third developments after our project, The Trees, in Mumbai that we will do in partnership with one of our Group companies. We look forward to additional future opportunities to partner with our Group companies. Our aim will be to create outstanding projects that offer our customers an environmentally friendly, well designed living environment.”
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