Godrej Prop-Agrovet JV to develop res property near B'lore

MUMBAI: Godrej Properties (GPL), the realty arm of the Godrej Group, has signed an MoU with another group company, Godrej Agrovet, for developing a residential property on the outskirts of Bangalore, a top company official said.

As per the MoU, Godrej Agrovet, in a joint venture with Godrej Properties will develop around 100 acres of land outside Bangalore.

"Godrej Agrovet and GPL have just signed an MoU for the Bangalore project which might start by end-this year. It will be a residential property spread across 100 acres and will be completed over the next two to three years," Godrej Industries' Managing Director, Nadir Godrej, told PTI here without divulging further details.

Rubbishing media reports that Godrej Agrovet has transfered land to GPL, Godrej said, "Godrej Agrovet has some land-bank which would be developed for either commercial or residential projects. There has been no transfer of land to GPL."