Godrej Summit Phase III launched in Gurgaon
Gurgaon: Godrej Properties which is the real estate development arm of Godrej Group is all set to launch Phase III of its residential project, Godrej Summit, near Dwarka Expressway, in Sector 104, Gurgaon.
The firm is developing the project as a joint venture with Zara Sanya. The new phase will offer a total saleable area of around 2 lakh sq ft. It comprises of 3, 4 BHK and penthouse apartments ranging in size from 1,712 sq ft to 4,925 sq ft.
The first and second phases of Godrej Summit received an overwhelming response from buyers. So the developer is hoping to receive same kind of response with this launch. Since real estate in Delhi-NCR is a crucial market, Godrej looks forward to deliver excellent residential projects to its buyers at Godrej Summit.
However, due to its strong brand name, Godrej Properties, despite under-performance, continues being quoted at a significant premium to other players. Currently, its valuation has come down to a more reasonable level.
Godrej Properties has nearly 48 million sq ft of projects under construction across prime cities like Mumbai, Delhi, Bangalore and Chennai, besides a list of new launches in the pipeline for the next few quarters.
The company has a strong track record of successful launches and increasing sales in the recent past, which is expected to provide support to the stock, ending its under-performance soon.
Rather than building a land bank like many other developers, Godrej Properties follows the asset light model of joint development with land owners, which helps the developer utilise its capital efficiently. The firm has recently launched a commercial project at Bandra Kurla Complex (BKC), Mumbai, partnering with Jet Airways.
The realtor has also adopted the development management (DM) model, in which it will charge a fee from its partners (usually around 10 percent of the sale price) without making any additional investment. It has reported better growth in the third quarter of 2012-13 due to higher development management fees.
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