Godrej Properties assigns development rights for second Gurgaon project to subsidiary

A subsidiary company of Godrej Properties will develop a residential project for the company in Gurgaon's sector 104. The Mumbai-based real estate company informed the Bombay Stock Exchange that it has assigned all the rights and obligations of the company under the development agreement entered with Magic Info Solutions Private Limited & Others dated August 05, 2011, to its subsidiary Godrej Premium Builders Private Limited, for developing the project located at village Gurgaon, district Gurgaon in residential sector 104 of the Gurgaon-Manesar Urban Complex, Haryana. This project is close to the proposed Dwarka-Manesar expressway. In August this year, Godrej Properties had signed a joint development agreement with Magic Info Solutions to develop a residential project with two million sq ft of space spread over 22 acres of land. This is the company's second project in Gurgaon. It had launched its first project, Godrej Frontier, in sector-80, Gurgaon in 2010. The project is being built on nine acres of land and will have a total of 1.05 million sq ft of space.

source: http://economictimes.indiatimes.com/markets/real-estate/news-/godrej-properties-assigns-development-rights-for-second-gurgaon-project-to-subsidiary/articleshow/11278116.cms