New Delhi: Mumbai-based Godrej Properties will develop four new projects in Mumbai and Bengaluru with a total developable area of 12.70 million sq ft.
While three projects are in Mumbai micro markets of Ambernath, Navi Mumbai and Thane, one is in North Bengaluru, it said in a statement.
For the project in Navi Mumbai, Godrej Properties had formed a joint venture with a company to develop a township spread over 100 acres. It will have 7.50 million sq ft of development area. It will be a residential development with a retail component.
Godrej Properties’s Ambernath project is in joint venture with Nisarg Nirman Developers for development of 6.4 acres of land. It will have 1.1 million square feet of development area and will be developed as a group housing project.
In Thane, Godrej Properties has outrightly purchased a land parcel measuring 8 acres. The project will have about 1.10 million sq ft of development area with residential apartments and some retail space.
In North Bengaluru, Godrej Properties has formed a joint venture with the promoters of Universal Builders in KIADB Hardware Park, Bagalur, North Bengaluru. The project will have affordable homes with developable area of 3 million sq ft spread over 22 acres of land.
“These projects fit well with our strategy of building our presence in the country’s leading real estate markets and will add momentum to GPL’s plans to grow market share”, said Pirojsha Godrej, Executive Chairman, Godrej Properties.
The company has been expecting that the current fiscal will be much bêtter than the last fiscal.
“We do think that if we do the job on closing what’s in our pipeline at the moment, that this year could be better than last year, potentially even much better than last year,” said Pirojsha Godrej, MD and CEO, Godrej Properties had said while replying to a recent investor query on whether the project addition this year would be higher than the last one.
The company now focusing on “meaningful, large-scale deals which kind of move the needle for the company” at the current moment in its growth trajectory, he had added.
It has a fully signed deal for a 7 million square foot project on the outskirts of Mumbai and is expected to announce the project formally in the coming months.
The company has sold about 36 lakh sq ft in the first half of the current fiscal as compared to 22.3 lakh sq ft in the same period of the last fiscal, an increase of 61 percent. The booking value of the area sold has jumped 44 percent from Rs 1,627 crore in the first half of the last financial year to Rs 2,343 crore in the same period of the current fiscal.