Godrej Properties inks JV to develop 1.5 million sq ft residential project in Pune

MUMBAI: Godrej Properties, the real estate development arm of the Godrej Group, has entered into a partnership to develop a 1.5-million-sq-ft residential project at Undri in Pune, the company said in a release.

The proposed housing project near NIBM in Pune will be spread over 31 acres and comprise of 1, 2 and 3 BHK apartments. Godrej Properties will be entitled to 40% of the profits from the project.

Godrej Properties has built a number of properties in Pune in the last few years including Godrej Eternia, Godrej Castlemaine, Godrej Millennium and Godrej Sherwood.The company's current residential project Godrej Horizon is also located at Undri, where the new project is being proposed.

At 11:43 AM, shares of Godrej Properties were trading at Rs 546.25 on the Bombay Stock Exchange, up 3.2% over Thursday's close.