Mumbai: Real estate developer Godrej Properties (GPL), on Wednesday said it has entered into an agreement with Godrej & Boyce (G&B) to provide development managerial assistance to its for future development of Godrej-owned land in Vikhroli, Mumbai.
GPL will act as development manager and will be responsible for the conceptualization, design, sales, and marketing of all future development on the land, a statement issued here stated.
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For its services, GPL will receive a fee equal to 10% of the total revenue generated from the development.
The costs for design and construction of the development will be borne by G&B in its role as owner-developer while the cost for sales and marketing will be borne by GPL in its role as development manager, the release said.
The first project under this agreement will start immediately with the launch of Godrej Platinum, a residential development of approximately 600,000 square feet.
“GPL will develop Godrej Platinum and all future developments to the highest design, construction, and sustainability standards and will seek to transform Vikhroli into Mumbai’s most desirable residential, commercial, and industrial township,” the company’s Executive Director Pirojsha Godrej said.
The project, which will be developed in phases, will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces, he said.
Godrej Platinum comprises four high-end residential towers on which construction has already begun.