Godrej Properties Increases The Size of its Panvel Project

Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPRP), the real estate development arm of the Godrej Group, today announced that it has entered into an agreement to develop 37 acres in Panvel. This new area is in addition to and is contiguous with the 110 acres project the company had added to its portfolio in FY 13. It will be developed in partnership with the same landowners and at the same terms as the 110 acres parcel and will not require any additional initial investment by Godrej Properties. GPL will receive 35% of the profits from the development.

The Company will now have a total land parcel of 147 acres in Panvel. This combined project has an estimated saleable area of 4.3 million square feet as per the current Special Township Policy. The saleable area available in the project is likely to increase to above 11 million sq. feet as per the proposed Special Township Policy.

The project is located between NH4 and the Mumbai – Pune Expressway. It will be easily accessible from both these highways. The site has fantastic views of the Sahyadri Mountains and the Western Ghats. The project is in close proximity to the proposed second 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, Managing Director & CEO, Godrej Properties said, “We are excited to add to the scale of this project as it will further improve the quality of development we are able to offer. We believe that Panvel is one of the most strategic locations for the development of a large, high-quality residential township. The planned upcoming infrastructure in the region will further enhance the quality of the location. We will endeavor to deliver a world class residential development.”

Sources By : Godrej Properties Ltd