Godrej sets up unit to develop Vikhroli property

Published: October 8, 2009
Share

Godrej Industries has entered into an agreement with Godrej & Boyce and Godrej Properties to form a special purpose vehicle for developing its property at Vikhroli (a Mumbai suburb), the company said in a communiqué to the BSE.

Without divulging details on the area to be developed, it said that the board of directors, through a circular resolution on Wednesday approved the proposal.

The Godrej group owns about 5,000 acres in Vikhroli. Though a part of the land has been used for residential and commercial purposes, the group still has huge vacant property left that can be developed before the Urban Land Ceiling Act is repealed, said an analyst.

The binding MoU provides for setting up a suitable SPV to execute joint development of the property as also the commercial terms for such development including the sharing of costs, revenues and profit. The Godrej Industries scrip was up six per cent at Rs 201 on Wednesday.

Source: The Hindu


Posted under categories: News
Tags: , , , , , ,

About Zamanzar

Zamanzar Advisory Pvt. Ltd. is a real estate advisory firm located in New Delhi, India. We offer online property search tools and offline services to help complete the transaction. Our services cater to real estate buyers, renters, and sellers. Visit Zamanzar to find out more!

Leave a Comment

Name (required)

Email (required)

Website

Comments

More Blog Posts