Godrej Properties planning to enter Noida real estate market
According to a top official at the company, Godrej Properties Ltd is looking for a partner to develop a housing project and is keen on entering the Noida real estate market.
in joint venture with land owners, The real estate arm of the Godrej group is budding 3 premium housing projects in Gurgaon and not only this it has already tied up for a residential project in Okhla, Delhi.
The strategy of Godrej Properties is to develop real estate projects in joint ventures with land owners.
Godrej Properties Managing Director and CEO Pirojsha Godrej told sources, when he was questioned about the expansion plan in the national capital region, our major markets are Mumbai, Delhi-NCR and Bangalore, and we are looking at more projects in Delhi-NCR.
When asked about the plans to enter noida market he responded, presently we don’t have presence in Noida which is a key market but we are looking to add projects in this market as well.
For developing a housing project in Noida, The Company is in talks with a few potential partners, he added, as real estate market is facing slowdown it is a good time to add new projects.
When asked about the launching of Delhi project, Godrej said: In next fiscal we will be doing it, the wait is for the approval so that we can start with the project.
By signing a development agreement with Southend Infrastructure for 5-acre luxury group housing project at Okhla, In June 2013, Godrej Properties had announced its foray into the Delhi property market.
Despite the slowdown in real estate market, The Company is performing good, Godrej added, that it will be launching more projects in comparison to last fiscal when it launched 10 new projects or new phase of existing projects.
He added that the company won’t opt for outright land purchase rather will keep continue with the strategy to add projects through JVs.
He commended on the overall realty market that at the moment Residential is bit slow. NCR in the last six month was the slowest.
To develop a new housing project in Gurgaon, Godrej announced an investment of Rs 150 crore last week.
In this project, The Company would develop 306 apartments which will be spread over 4.5 acre and has a saleable area of 5 lakh sq ft.
With 100 million sq ft development potential, of which 20 million sq ft is under construction, Mumbai-based Godrej Properties is on the path of developing housing, commercial and township projects in 12 cities.
Company’s net profit stood at Rs 138.4 crore on revenue of Rs 1,047.6 crore in 2012-13.
Source: India TV News
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