Godrej Properties has signed a development agreement for a 1.35-acre plot in Chembur. The property, which is on the Sion-Trombay Highway, has development potential of around 1,50,000 square feet (sq ft). Godrej Properties will be undertaking the project through a joint venture (JV) with land-owner Bombay Footwear. Almost 85% of the company’s total projects are being executed through the joint-development model. Real estate brokers say that a residential development at this location currently fetches around Rs 12,000 per sq ft. Based on this rate, the proposed development is expected to provide revenues of around Rs 180 crore to the JV.