Godrej Properties, the real estate development arm of the Godrej Group has announced that it has entered into an agreement to develop approximately 110 acres of land in Panvel. The project will have an estimated saleable area of 3.5 million square feet.
Like most Godrej Properties projects, this project will be done on a joint venture basis. Godrej Properties has entered into a profit sharing joint venture structure for this project where GPL will receive 35% of the profits from the development. The project is expected to be launched in 2013 and is estimated to be completed in approximately six years from its launch.