Godrej Properties, Neelkamal Realtors ink joint venture for a project in Mumbai


Godrej Properties Limited has entered into a joint venture with Neelkamal Realtors Tower Private Limited (NRTPL) for the development of property situated in Mumbai. “The project is being developed by the Company through a Special Purpose Vehicle, viz, Godrej Residency Private Limited (GRPL),” the company told stock exchanges.

As per the official statement, Godrej Properties Limited will hold “50.01% and the balance 49.99% will be held by NRTPL”.

Separately, Godrej Properties has announced that it will develop a project over 14.27 acres of land in Gurugram, Haryana, that would have an estimated revenue potential of about 3,000 crore.

The development will predominantly comprise premium residential apartments, the statement shared with stock exchanges.

The real estate firm said it would be one of GPL’s largest residential developments in Gurugram. The site is strategically located with easy access to National Highway 48 and Northern Peripheral Road.

In fiscal 2020-21 (FY21), Godrej Properties said it had emerged as the largest developer in India by the value and volume of residential sales achieved.

Godrej Properties is aggressively acquiring land for future development and has added eight new projects so far in FY23 with an estimated revenue potential of 16,500 crore.

With four months still left in the 2022-23 financial year, Godrej Properties Executive Chairman Pirojsha Godrej is hopeful that the company will add many more land parcels to its portfolio by March.

In February this year, Pirojsha Godrej outlined plans to invest around 7,500 crore over the next 12-18 months in the acquisition and development of new real estate projects.

As per the plans, Godrej Properties has added 8 new land parcels, almost all 100 percent owned, so far this fiscal and these will help in generating sales revenue worth 16,500 crore.

Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.

It mainly focuses on four cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune.

The Delhi-NCR market has witnessed many land deals this year as builders looked to expand their presence to encash a revival in demand.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.



Source link