Godrej Properties Limited Announces Two New Residential Development Agreements in India
- Aug 08, 2013
Gurgaon and Panvel, India—The real estate arm of the Godrej Group, Godrej Properties Ltd., has recently announced that it has entered into two new development agreements. The Mumbai-based real estate developer has entered into a development agreement with M/s Oasis Buildhome Pvt. Ltd. to develop a 13.76-acre property in Gurgaon and to increase the size of its project in Panvel.
Situated on the Northern Periphery Road in Sector 88A/89A in Gurgaon, the site will be developed as a premium residential group housing project. According to estimates it is expected to deliver 1.2 million square feet of saleable area. The parcel of land benefits not only from strategic access from the Northern Periphery Road but also from the existing Pataudi Road. The accessibility is expected to be further enhanced once the upcoming road infrastructure works are completed, offering the project improved connectivity to Delhi and other parts of Gurgaon. The joint-venture project is the third residential project for Godrej Property Group in Gurgaon, joining Godrej Frontier and Godrej Summit.
“We are happy to add this new project in Gurgaon to our development portfolio. NCR is an important growth market for us, and this is the second new project we’ve entered in NCR in FY14. The project fits well with our strategy of growing our presence in India’s leading real estate markets and we will aim to replicate the success of our previous projects in the Gurgaon market,” says Pirojsha Godrej, managing director and CEO of Godrej Properties.
The second development agreement announced by Godrej Properties Limited targets a 37-acre area in Panvel, contiguous and in addition to the 110-acre project the company added to its portfolio in the last financial year. The development will be in partnership with the same landowners and under the same terms as the 110-acre parcel and will not need any additional investment from Godrej Properties, which will receive 35 percent of the profits from the development.
The combined 147-acre project will have an estimated saleable area of 4.3 million square feet, according to the current Special Township Policy, and it could increase to over 11 million square feet. Located between National Highway Number 4 and the Mumbai–Pune Expressway, the project offers great views of the Sahyadri Mountains and the Western Ghats. The project is also close to the proposed second International Airport in Panvel, the Jawaharlal Nehru Port Trust and the proposed Sweri–Nhava Seva Trans Harbor Link.
Talking about the project, Pirojsha Godrej says: “We are excited to add to the scale of this project as it will further improve the quality of development we are able to offer. We believe that Panvel is one of the most strategic locations for the development of a large, high-quality residential township. The planned upcoming infrastructure in the region will further enhance the quality of the location. We will endeavor to deliver a world class residential development.”