Godrej Properties, a real estate arm of the Godrej group on Wednesday said it has entered into an agreement with another group company, Godrej & Boyce. Under the agreement the realtor would act as a development manager and build residential property on the group-owned land in suburban Mumbai.
Godrej & Boyce is privately held company of the group that is into home appliances, security equipment amongst others.
"Godrej Properties would get fee equal to 10% of the total revenues generated for its services," Godrej Properties told the Bombay Stock Exchange.
The first project under this agreement will start immediately with the launch of Godrej Platinum, a residential development of approximately 6 lakh square feet, the company statement said. The company has not announced any plans for the next phases of development.