Mumbai-based Godrej Properties will be re-developing a private society in Mumbai. The society is called Kamgar Swa Sadan Co-operative Housing Society and is located at Currey Road.

The company has entered into a development management agreement with partnership firm Ratnaraj Blessing Milestone to act as development manager for the redevelopment project. Under this agreement, Godrej Properties would be responsible for the conceptualisation, design, sales and marketing of the project.

The project will offer approximately 1.2 lakh sq ft of saleable area and is proposed to be developed as a modern residential development with two, three, and four BHK apartments. 

Godrej Properties is the real estate development arm of the Godrej Group and is a wholly-owned subsidiary of Godrej Projects Development Private Ltd(GPDPL).

For its services as development manager, GPDPL shall be entitled to a development management fee from Ratnaraj Blessing Milestone over the duration of the project, plus an upside promote based on sales realisations beyond a threshold.

The entire costs for design, construction, and development of the project will be borne by Ratnaraj Blessing Milestone in its role as developer, while the cost for marketing and supervision of the project will be borne by Godrej Properties in its role as development manager, according to the company statement.  

Pirojsha Godrej, Managing Director and CEO, Godrej Properties said, “This is the fourth consecutive quarter in which Godrej Properties has added a new redevelopment project in Mumbai. The development management model will allow Godrej Properties to benefit from this development with limited risk.” 

manisha.jha@thehindu.co.in

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