Godrej Group’s real estate arm Godrej Properties has forayed into the national capital region (NCR) with its first residential scheme in north India, a Rs 170 crore joint venture project in Gurgaon. Godrej Properties has entered into an agreement with Frontier Home Developers to develop about 1.05 million sq ft on nine acres of land in Sector 80 of Gurgaon.
The project will have apartments and penthouses of different configurations.”NCR is an important market and we feel there is lot of scope here,” said Pirojsha Godrej, executive director, Godrej Properties.
The project will be located about 20 km away from Indira Gandhi International Airport, adjacent to National Highway 8. The Mumbai-based company is now moving to north India after the successes in Bangalore and other places.“The Godrej brand advantage allows us to operate wherever we want. So we are focussing on our core activities and looking to move into new markets,” he said.
Asked how the firm intends to raise money for the project, Godrej said it would come from internal accruals, their own equities and funds from the construction business. “We have around 82 million sq ft under construction. Our projects, mostly residential, are doing well because our gestation period is small, about 12 to 18 months, and we have been delivering,” he said.
Godrej said the company’s IPO has just been completed and “at the moment, we are not looking to raise funds, neither is the company looking at an FPO”.
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