Godrej Properties Limited Initial Public Offering Price Band fixed between Rs. 490/- and Rs. 530/- per equity share

Issue opens on December 9 and closes on December 11, 2009

By ENN, Ahmedabad: Godrej Properties Limited ("GPL" or the "Company"), a part of Godrej group of businesses, has fixed the price band between Rs. 490/- and Rs. 530/- per equity share for an initial public offering "IPO" of equity shares of Rs. 10 each for cash at a price to be decided through a 100% book-building process ("Equity Shares") and aggregating up to Rs. 499.8 crores (at the higher band.) (the "Issue"). The Bid/ Issue opens on December 9, 2009 and closes on December 11, 2009.

At least 60% of the Issue will be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs"), out of which 5% (excluding The Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. If at least 60% of the Issue cannot be allocated to QIBs, then the entire application money will be refunded forthwith. Further, not less than 10% of the Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue will be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

GPL was originally incorporated as Sea Breeze Constructions and Investments Private Limited on February 8, 1985 by Mr. Mohan Khubchand Thakur and Mrs. Desiree Mohan Thakur. In the year 1987, it became a part of the Godrej group and in the year 1989 became a subsidiary of Godrej Industries Limited (erstwhile Godrej Soaps Limited).

The Equity Shares offered through the Red Herring Prospectus ("RHP") are proposed to be listed on Bombay Stock Exchange Limited ("BSE") and National Stock Exchange of India Limited ("NSE").