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Godrej Properties Ltd, through its wholly owned subsidiary Godrej Projects Development Pvt Ltd, has entered into a development management agreement with R.R. Builders.
The agreement is for redeveloping a MHADA (Maharashtra Housing & Area Development Authority) property at Byculla, Mumbai.
The project, spread over nearly 2.5 acres, would offer approximately 3 lakh sq.ft of free saleable area. It is proposed to be developed as a residential project having 2, 3 and 4 BHK apartments.
Godrej Projects Development would act as development manager responsible for conceptualisation, design and marketing the project and would be entitled for a development management fee of Rs 50 crore from R.R.Builders. It will also be entitled to part of the revenue beyond certain defined selling price.
The entire cost of design and construction would be borne by R.R. Builders as owner-developer. The cost of sales and marketing would be borne by Godrej Properties as development manager, the company said in a communication to the stock exchanges today.
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