Mumbai: Godrej Properties, the realty arm of the Godrej Group, has signed an MoU with another group company, Godrej Agrovet, for developing a residential property on the outskirts of Bangalore, a top company official said.
As per the MoU, Godrej Agrovet, in a joint venture with Godrej Properties will develop around 100 acres of land outside Bangalore.
"Godrej Agrovet and GPL have just signed an MoU for the Bangalore project which might start by end-this year. It will be a residential property spread across 100 acres and will be completed over the next two to three years," Godrej Industries' managing director Nadir Godrej told here without divulging further details.
Rubbishing media reports that Godrej Agrovet has transfered land to GPL, Godrej said, "Godrej Agrovet has some land-bank which would be developed for either commercial or residential projects. There has been no transfer of land to GPL."
Godrej Properties has been developing both affordable and premium properties across 11 states in the country on the joint venture model wherein the company invests in development of the property while the other party is the land-owner.
Godrej Agrovet, the agri-and-animal feed business arm of the Godrej Group, owns around 40,000 acres across the country and might develop some of this land going forward, he said.
Asked about other such upcoming projects, Godrej said, "Nothing has been finalised as of now. We intend to develop some properties. The land in those areas are much smaller than this (Bangalore) and we are working on a final agreement with GPL. However, it is too early to say anything."