Godrej's realty arm to develop 1.35-acre plot in Chembur

MUMBAI: Godrej Properties has signed a development agreement for a 1.35-acre plot in Chembur. The property, which is on the Sion-Trombay Highway, has development potential of around 1,50,000 sq ft, the company said in a media statement.

Godrej Properties will be undertaking the project through a joint venture with land-owner Bombay Footwear. Almost 85% of the company’s total projects are being executed through the joint-development model.

According to real estate brokers, a residential development at this location currently fetches around Rs 12,000 per sq ft. Based on this rate, the proposed development is expected to provide revenues of around Rs 180 crore to the JV.

Godrej Properties’ spokesperson declined to comment on the revenue-sharing ratio between the company and the land owner.

Currently, Godrej Properties has projects spread over 90 million sq ft, under construction, across 11 cities in India.