Godrej Properties, the realty arm of the Godrej group, on Thursday announced the launch of a residential project called Godrej Gold Country in Bangalore in a joint venture with actor Fardeen Khan.

The Rs 100-crore residential project will come up on twelve-acre of a plot situated in Chikkabidarakallu village on the outskirts of Bangalore.

Pirojsha Godrej, managing director & chief executive of Godrej Properties, claimed that the company had already sold 10 per cent of the proposed villas.

Announcing the launch of the residential project, Mr. Pirojsha added, "The total investment in the property will be little over Rs 100 crore. We have already sold 10 per cent of the proposed villa project in Bangalore."

Godrej Properties recently set up Rs 770-core residential development fund. The money from the fund, which is led by pension fund APG and SparInvest Property Investors, will be mainly used for developing residential projects across Mumbai, Bangalore and the National Capital Region (NCR).

The 17-acre plot of land on which the villas will come up is owned by the Fardeen Khan's father and late Bollywood actor Feroze Khan. Fardeen Khan said the residential project was envisaged by his late father.

The plot includes a stud farm plus a 4.5-acre farmhouse where Feroze Khan had departed this life. Under the terms of the deal, the farmhouse will not be touched, and Fardeen Khan and his sister Laila will receive 37 per cent of the profits from the Godrej Gold Country, which will offer a total of 87 villas with a starting price tag of Rs 2 crore each.