For redeveloping a MHADA property at byculla, Godrej Properties Ltd [stockquote]GODREJPROP[/stockquote], through its wholly owned subsidiary Godrej Projects Development Pvt Ltd, has entered into a development management agreement with R.R. Builders.
As per agreement entire cost of design and construction would be borne by R.R. Builders as owner-developer where as cost of sales and marketing would be borne by Godrej Properties as development manager.
Godrej Projects Development (GPD) would act as development manager responsible for conceptualisation, design and marketing the project and would be entitled for a development management fee of Rs 50 crore from R.R.Builders.
Stock of Godrej Properties settled at 618.80 negligibly down at NSE on a weak trading session of monday.
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