Godrej Properties (GPL) in collaboration with Addison & Company is planning
to develop a mid-market residential project near Chennai.
GPL has acquired the developmental rights on a 12.57-acre plot owned by
Addison. As per the agreement between the two partners, Addison is expected to
be entitled for 30 percent of the saleable constructed area and GPL's share is
likely to be 70 percent.
In 2008, GPL and Addison had signed a deal to jointly develop commercial and
residential buildings on 17.39 acre in Tiruvallur district near Chennai. GPL had
paid Rs 8 crore to Addison for its share of land, measuring around 8.75 acre.
Also See:
Godrej
Garden City project to be launched in January (07-Dec-09)