Bangalore: Mumbai-based Godrej Properties Ltd has entered into a development management agreement with United Oxygen Company Pvt. Ltd for a project in Bangalore’s Whitefield area, the developer said on Thursday.
The development management model has so far worked well for Godrej Properties, with the latter typically collaborating with a landowner and offering construction expertise to build the project. It usually gets a development fee in return.
In the Bangalore project, the project will offer around 1 million sq. ft of saleable area and will be developed as a residential project.
Pirojsha Godrej, managing director and chief executive, Godrej Properties, said in a release that the development management model fits well with the company’s strategy of capital efficient growth.
Earlier, in December, the company had entered into a similar development management deal with Ratnaraj Blessing Milestone, a partnership firm, to redevelop a private society in central Mumbai.
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