Godrej Properties to develop housing project at Undri, Maharashtra

MUMBAI: Godrej Properties, the real estate development arm of the Godrej Group, has entered into a joint venture with a Pune-based developer to develop a group housing project over 8.64 acre at Undri in the western Maharashtra city, the company said in release on Friday.

Godrej Properties has joined as a partner in Mosiac Landmarks owned by Pune Developer Ramesh Bhatia to develop the project. The agreement will fetch Godrej 51% profit sharing from the project.

The project will offer around 500,000 sq ft of saleable area and is proposed to be developed as a modern group housing residential development comprising 2, 2.5, 3 bedroom, and penthouse apartments.

Godrej has already built a number of properties in Pune including Godrej Eternia, Godrej Castlemaine, Godrej Millennium and Godrej Sherwood.

On Friday, shares of Godrej Properties closed at Rs 659.20, up 1.4% from Thursday’s close.