Godrej Properties (GPL) shares rose nearly 2% in the morning trade to Rs 672 after the Mumbai-based real estate developer announced a tie-up with Universal Builders to develop a premium residential villa project at Electronic City in Bengaluru.
“We are pleased to have entered an agreement for our sixth residential project in Bengaluru. The key strategic goal for the company is to build our presence across India's important real estate markets and this development fits in well with our strategy,” Pirojsha Godrej, executive director, Godrej Properties, said in a statement.
Under the partnership, GPL will act as the development manager, for developing approximately 4 lakh sq. ft of premium residential villas, spread over 14.5 acres at Electronic City, the company said in a press note.
Universal Builders, a Bangalore-based real estate firm, which actually owned the land had approached GPL to develop it in the form of joint venture (JV), an industry source told Moneycontrol.com.
The company keeps scouting for such JVs to expand its business. GPL will receive 11% of the total revenue from this development as development manager fees.
The project, located at close to National Highway 7, will offer a range of luxurious amenities to its residents including a state-of-the-art club house and a swimming pool, claimed the company.
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