Godrej Properties will be responsible for the conceptualisation, design, sales, and marketing of all future development on the Godrej & Boyce owned Vikhroli land in Mumbai
Godrej Properties Ltd (GPL), the real estate development arm of the Godrej Group, today announced that it has entered into an agreement with Godrej & Boyce (G&B). Godrej Properties will act as development manager and will be responsible for the conceptualization, design, sales, and marketing of all future development on the G&B owned Vikhroli land.
For its services, Godrej Properties will receive a fee equal to 10% of the total revenue generated from the development. The costs for design and construction of the development will be borne by Godrej & Boyce in its role as owner-developer while the cost for sales and marketing will be borne by Godrej Properties in its role as development manager.
Over a period of time, the development potential at Vikhroli is likely to make it the largest real estate development in Mumbai. The project will be constructed in phases and the details on each phase will be announced before the launch of the individual phase. The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces.
The first project under this agreement will start immediately with the launch of Godrej Platinum, a residential development of approximately 600,000 square feet. Godrej Platinum comprises of four high-end residential towers on which construction has already begun. This project is one of the first residential projects in the country to receive a LEED-Platinum precertification, which is the highest available certification for green buildings. Godrej Platinum joins Godrej Properties' currently underway mixed-use 35-acre development, The Trees, as being among the first developments Godrej Properties is carrying out on the Group's large Vikhroli estate.
Mr Pirojsha Godrej, executive director, Godrej Properties said, "Godrej Properties will develop Godrej Platinum and all future developments to the highest design, construction, and sustainability standards and will seek to transform Vikhroli into Mumbai's most desirable residential, commercial, and industrial township."
In the late afternoon, Godrej Properties was trading at around Rs653.60 per share on the Bombay Stock Exchange, 0.74% up from the previous close.
Suraksha Kavach offers features that allows the policyholder to continue life cover up to three years from the date of first unpaid premium, should there be a need to take a break from premium payment
Star Union Dai-ichi Life Insurance has launched an endowment insurance plan, Suraksha Kavach, to strengthen and extend its portfolio.
Suraksha Kavach offers features that allows the policyholder to continue life cover up to three years from the date of first unpaid premium, should there be a need to take a break from premium payment.
Under this benefit, a policyholder may take a break from premium payment anytime after paying at least two full years' premiums. The life insurance cover will continue for three more years.
The policy is for ages of 18 to 50 years, while the maximum maturity age limit stands at 65 years. The company also launched an online customer portal, E-life, which allows customers to directly connect with the company for managing their insurance policy online and SMS support service for customers.
The profit after tax of Reliance Assset Management Co, which runs Reliance MF stood at Rs261 crore, while that of HDFC AMC was Rs 242 crore at the end of March 2011
Reliance Mutual Fund has overtaken rival HDFC MF in terms of full-year profits, but has slipped below the latter to the second position in terms of their latest assets base.
The average asset under management (AUM) of Anil Ambani group firm Reliance Mutual Fund dipped by over Rs10,500 crore during the three-month period ending September 2011, making it the second-largest fund house after HDFC MF.
However in terms of profitability, Reliance MF clocked a higher profit after tax than HDFC MF in the latest financial year, becoming the most profitable fund house in the country, according to data released by mutual fund industry body AMFI.
The profit after tax (PAT) of Reliance Assset Management Co, which runs Reliance MF stood at Rs261 crore, while that of HDFC AMC was Rs242 crore at the end of March 2011. In the previous year, HDFC AMC was the country's most profitable fund house.
On year-on-year basis, Reliance Asset Management company's PAT rose by as much as 34% in the fiscal 2011, whereas that of HDFC AMC increased by 16.34%.
On the other hand, Reliance MF lost its top position as its asset base fell to Rs90,660.60 crore, according to the quarterly data compiled by AMFI. It was over Rs1.01 lakh crore at the end of June quarter.
Sundeep Sikka, CEO of Reliance Capital Asset Management Company, said that the fund house was mainly focusing on retail money and less on institutional money.
"Retail money though is expensive in the initial stage (for the fund house), it adds to the quality of the AUM and the profitability of the company in the long run," he added. "We have more than 21 lakh systematic investment plans for which we are getting Rs5,000 crore per annum and this money is majorly adding to our profitability," Sikka said.
HDFC Mutual Fund has now become the largest fund house in the country in terms of AUM. At the end of September, the AUM of HDFC MF stood at Rs91,827.11 crore.