Godrej Fund Management (GFM), the real estate private equity arm of the Godrej Group, and Godrej Properties (GPL), one of India's leading real estate developers, have entered into a joint venture with Hero Cycles (HCL) for their Golf Course Road property in Gurgaon. The JV will develop, lease, and manage ~1 million square feet of prime office and retail space on the 4-acre property.

The project is situated in one of the most desirable commercial locations in the country affording the opportunity to create an outstanding development catering to the commercial office requirements of leading Indian and international businesses. The site is in close proximity to a multitude of established and leading commercial, retail, and residential destinations.

Pirojsha Godrej, Executive Chairman, Godrej Properties & Chairman, Godrej Fund Management, said, ''We are pleased to partner Hero Cycles to develop a world class office building at this outstanding location. The combination of Godrej Fund Management and Godrej Properties combines superior investment management capabilities with best-in-class development capabilities. We will do our best to ensure this development becomes a landmark development in NCR."

Shares of the company declined Rs 0.15, or 0.02%, to trade at Rs 671.35. The total volume of shares traded was 539 at the BSE (9.23 a.m., Tuesday).