Godrej Properties inks pact with Ratnaraj to redevelop estate

Godrej Properties inks pact with Ratnaraj to redevelop estate New Delhi: Godrej Properties, real estate development arm of Godrej Group, Wednesday said it has entered into an agreement with Ratnaraj Blessing Milestone to redevelop a private society in Mumbai.

Godrej Properties Ltd (GPL) through its wholly-owned subsidiary Godrej Projects Development Pvt Ltd (GPDPL) has entered into a development management agreement with Ratnaraj Blessing Milestone to redevelop a private society at Currey Road in Mumbai, GPL said in a filing to BSE.

The company will act as development manager and will be responsible for the conceptualisation, design, sales and marketing of the project, it added.

The project with nearly 120,000 sq ft of saleable area is proposed to be developed as a modern residential development with 2, 3, 4 BHK apartments, GPL said.

Commenting on the development GPL Managing Director and CEO Pirojsha Godrej said: "We are happy to announce this project in Currey Road, under the development management model..."

The development management model will allow Godrej properties to benefit from this development with limited risk, he added.

Shares of Godrej Properties were trading at Rs 651 per scrip in the afternoon trade on BSE, down 0.17 percent from its previous close.

PTI