Godrej Properties inks JV to develop new project in Pune

GPL will get 35% profit from the 43-acre JV project.

Realty firm Godrej Properties today said it has entered into a joint venture with two local firms to develop a premium housing project in Pune.

Godrej Properties, the real estate arm of Godrej Group, would get 35% profit from the 43-acre JV project.

"Godrej Properties Ltd (GPL) has entered into a partnership to develop a residential project in Mundhwa, Keshavnagar, Pune," the company said in a statement.

The project would have about 2.8 million sq ft of saleable area, it added.

"Like most Godrej Properties projects, this is a joint venture project, with GPL getting 35% of the profits from the project," the company said.

According to sources, the JV has been formed with realty firms Oxford group and Ekta World, which own the land. Oxford Group is based in Pune while Ekta World is Mumbai-based.

Godrej Properties MD & CEO Pirojsha Godrej said: "We are very happy to have added a large new residential project in Pune to our portfolio. This fits well with our strategy of entering partnerships for residential developments in the best locations within India's largest real estate markets."

This project would be GPL's eighth project in Pune, he said.

GPL is developing housing, commercial and township projects spread across 94 million sq ft in 12 cities.