Mumbai real estate developer Godrej Properties Monday said it will jointly develop a mid-market residential project near here in association with the city-based cutting manufacturer Addison.
As per the deal, Godrej Properties has acquired the developmental rights on a 12.57-acre plot owned by Addison.
"We will promote a mid-market residential apartment project after getting the necessary approvals," said Godrej Properties chief operating officer K.T. Jithendran.
"As per the agreement, Addison will be entitled for 30 percent of the saleable constructed area and our share will be 70 percent," Jithendran told reporters here.
Last year, Godrej and Addison had signed a deal to jointly develop commercial and residential buildings on 17.39 acres in Tiruvallur district near here.
The Mumbai firm paid Rs.8 crore to Addison for its share of land, measuring around 8.75 acres.
According to Jithendran, Godrej Properties is looking at mid-market residential apartments in Chennai and Kolkata, apart from other cities.
The company will hit the capital market Wednesday for raising around Rs.500 crore, to be used for acquisition of land development rights, construction and repayment of loans.