Godrej Properties forms JV to develop 43-acre residential project in Pune

MUMBAI: Realty developer Godrej Properties has entered into a joint venture to develop a residential project at Keshavnagar in Pune. The project will be spread over 43 acres and offer around 2.8 million sq ft of saleable area, the company said in a release.

As part of the agreement, Godrej Properties will receive 35% of the profits from the project. The real estate development arm of the Godrej Group will be developing the project as a premium residential development.

“This (project) fits well with our strategy of entering partnerships for residential developments in the best locations within India's largest real estate markets. Over the years, Godrej Properties has built a number of landmark properties in Pune and this project is our eighth project in Pune," Pirojsha Godrej, MD & CEO, Godrej Properties.

On Wednesday, shares of Godrej Properties closed at Rs 186.60 on the Bombay Stock Exchange, up 2.4% over Tuesday’s close. Ends