GPL, the real estate development arm of the Godrej Group, on recently announced that it has entered into an agreement to develop about 110 acres of land in Panvel. The project will have an estimated saleable area of 35 lakh square feet.
Like most Godrej Properties projects, this project will be done on a JV basis. Godrej Properties has entered into a profit sharing JV structure for this project where GPL will receive 35% of the profits from the development. The project is expected to be launched in 2013 & is estimated to be completed in about 6 years from its launch.
The new project is located between NH 4 and the Mumbai - Pune Expressway. It will be easily accessible from both these highways. The site has fantastic views of the Sahyadri Mountains & the Western Ghats.The project is in close proximity to the proposed IInd International Airport in Panvel, the Jawaharlal Nehru Port Trust, and the proposed Sewri - Nhava Seva Trans Harbor Link. The strategic location near several major existing and upcoming infrastructure facilities makes Panvel one of the most exciting real estate locations in India.
Mr. Pirojsha Godrej, MD & CEO, Godrej Properties said, "We are thrilled to announce this development. Godrej Properties is focused on developing residential projects in the best locations pan India and we believe that Panvel is one of the most strategic locations for the development of a large, high-quality residential township."
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