Godrej Properties has announced its decision to sell 49% in Godrej Premium Builders, company subsidiary to Sun-Apollo India Real Estate Fund.

Godrej Properties said in a filing with the Bombay Stock Exchange (BSE) that the Godrej Group unit entered into a sale agreement with Sun-Apollo. The Sun-Apollo India Real Estate Fund has agreed to invest Rs 45 crore.

A sum of 18.3 crore has been paid to Godrej Properties for the stake while Rs 26.7 crore has been invested in the subsidiary.

Pirojsha Godrej, executive director of Godrej Properties said, "This fits in well with Godrej Properties' strategy of efficient capital management and demonstrates our continued ability to attract equity capital in all market conditions."

Godrej Premium Builders has been involved in developing a project at sector 104 in Gurgaon near Delhi. Godrej said that it had given all rights and obligations relating to the development agreement entered with Magic Info Solutions Private Limited & Others to the subsidiary for the development of the project.

The project is second initiative for the company in Gurgaon. It launched the first project named, Godrej Frontier in sector-80, Gurgaon in 2010.