Godrej Properties and Neelkamal Realtors have entered into a joint venture for a project in Mumbai

Godrej Properties Limited will own 50.01% of the company, with NRTPL owning the remaining 49.99%.

Godrej Properties Limited has formed a partnership with Neelkamal Realtors Tower Private Limited (NRTPL) to build property in Mumbai. “The project is being developed by the Business through a Special Purpose Vehicle, namely Godrej Residency Private Limited (GRPL),” the company said in a statement to stock exchanges.

As per the official statement, Godrej Properties Limited will hold “50.01% and the balance 49.99% will be held by NRTPL”.

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Separately, Godrej Properties has revealed plans to build a project on 14.27 acres of land in Gurugram, Haryana, with a revenue potential of over Rs.3,000 crore.

According to the announcement published with stock exchanges, the development will mostly consist of premium residential flats.

According to the real estate developer, it will be one of GPL’s largest residential ventures in Gurugram. The location is conveniently positioned near National Highway 48 and the Northern Peripheral Road.

Godrej Properties said that it had become India’s largest developer in terms of the value and volume of residential sales in fiscal 2020-21 (FY21).

Godrej Properties is rapidly collecting land for future development, having added eight new projects in FY23 with a total income potential of Rs 16,500 crore.

With four months remaining in the fiscal year 2022-23, Godrej Properties Executive Chairman Pirojsha Godrej believes the company would add many more land parcels to its inventory by March.

Pirojsha Godrej announced plans to invest about Rs.7,500 crore in the acquisition and development of new real estate projects over the next 12-18 months in February of this year.

According to plans, Godrej Properties has added 8 additional land parcels, practically all of which are 100 percent owned, so far this fiscal, which will contribute to sales revenue of Rs 16,500 crore.

Godrej Properties, a subsidiary of the Godrej Group, is one of the country’s most prominent real estate developers.

It is primarily concerned with four cities: Delhi-NCR, the Mumbai Metropolitan Region (MMR), Bengaluru, and Pune.

This year has seen many land deals in the Delhi-NCR market as builders sought to expand their presence in order to capitalise on a surge in demand.