Mumbai: Godrej Properties Ltd said it has signed two separate joint venture agreements with Godrej & Boyce Manufacturing Co Ltd to develop two residential properties in Thane and Hyderabad.
The companies will develop a 9.16-acre land parcel at Moosapet, Hyderabad, through Godrej Buildcorp LLP, a special purpose vehicle, Godrej Properties said in a statement issued late Monday.
The total developable area will be about 2 million square feet. The land parcel would be developed under a profit sharing arrangement with Godrej Properties getting 35 percent of the profits, it said.
Another SPV, Godrej Property Developers LLP will develop a 3-acre land parcel at Thane. The approximate saleable area will be 0.26 million square feet, which would be also developed on a profit sharing basis. Godrej Properties will receive 32 percent of the profits.
Godrej & Boyce is a privately-held firm into various businesses including home appliances, security equipment, furniture and process equipment among others.