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Sunday, August 18, 2013

Godrej Prop strikes Gurgaon, Panvel deals

This story first appeared in DNA Money edition on Tuesday, Aug 6, 2013.

Godrej Properties, the Godrej group’s real estate arm, has signed its third premium residential development in Delhi/NCR (National Capital Region) market.

The Mumbai-based realtor entered a joint development agreement with Oasis Buildhome to develop a 13.7 acre land parcel on the Northern Periphery Road (NPR) in Gurgaon. The project is expected to offer 1.2 million square feet (msf) of saleable area.

Pirojsha Godrej, managing director & CEO, Godrej Properties, said, the project fits well with the company’s strategy of growing presence in leading real estate markets.

“We will aim to replicate the success of our previous projects in the Gurgaon market,” he said.

Anuj Nangpal, MD-Investor Services, DTZ International Property Advisers Pvt Ltd, said this particular project is expected to deliver a topline of anywhere between `800  crore and Rs1,000 crore.

In another development, the realtor has added 37 acre to its existing 110 acre township project in Panvel. Located between NH4 and the Mumbai–Pune Expressway, the land parcel will be developed in partnership with the landowners.

According to Godrej Properties, the combined project has an estimated saleable area of 4.3 msf as per the current Special Township Policy (STP). The saleable area available in the project is likely to increase to above 11 msf as per the proposed STP and it will receive 35% of the profits from the development.

The realtor has also acquired the ‘Godrej’ trademark from Goderj Industries for Rs25 crore.

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