Godrej Properties has entered into a joint venture to develop a group housing project in Undri, Pune. Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPRP), the real estate development arm of the Godrej Group, has joined as a partner in Mosiac Landmarks LLP to develop a group housing project at Undri (near NIBM) in Pune.
This is a profit sharing arrangement with GPL getting 51% of the profits from the project.
The project, spread over 8.64 acres, will offer approximately 500,000 sq. ft of saleable area and is proposed to be developed as a modern group housing residential development comprising 2, 2.5, 3 BHK, and penthouse apartments.
The location offers excellent connectivity to all key areas in Pune, like M. G. Road, the Mumbai – Bangalore Highway (NH 4), and the Pune – Solapur Highway (NH 9). The project will also benefit from the well developed social and educational infrastructure surrounding it – with Corinthian Club and Bishop’s Co-ed School in the immediate neighborhood.
Pirojsha Godrej, Executive Director, Godrej Properties said, “We are very happy to announce this project. GPL has built a number of landmark properties in Pune over the years including Godrej Eternia, Godrej Castlemaine, Godrej Millennium and Godrej Sherwood. This project will offer contemporary living spaces which are environmentally friendly and will help consolidate our presence in the city.”
