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Godrej Properties plans big on low cost housing projects
Godrej Properties Limited(GPL), real estate arm of the Grodrej Group, is planning to invest in low-cost housing projects Indian cities, particularly Bengaluru. The company, one of the top real estate players listed on the BSE, has different business model. Instead of purchasing the land, the company is keen on taking up projects in partnership or joint venture mode with land owners to reduce the capex requirements for housing projects, where the owners of the land either share the revenue from sales or space developed. The company plans to keep the price of the low and mid income houses below Rs 20 Lakhs.
According the Mr. Adi Godrej, Chairman Godrej group, GPL plans to invest Rs. 2,000 crore over five years developing different categories of low- to mid-level housing projects in Bangalore. Also, the company is not averse doing the projects in the luxury housing segment too. At present the GPS is developing a gated villas project, a joint venture with actor Sanjay Khan close to his spa-hotel in Bangalore.
"Other than Bangalore projects, GPL is developing one of the largest housing projects within the municipal limits of Ahmedabad. The total area being developed is around 40 million sq. ft. of residential and commercial space, with pricing in the low- to mid-level. Besides projects already launched in Bangalore, an MoU was expected to be concluded shortly to develop 50 acres in the northern part of the city", Mr. Godrej Added.
According the Mr. Adi Godrej, Chairman Godrej group, GPL plans to invest Rs. 2,000 crore over five years developing different categories of low- to mid-level housing projects in Bangalore. Also, the company is not averse doing the projects in the luxury housing segment too. At present the GPS is developing a gated villas project, a joint venture with actor Sanjay Khan close to his spa-hotel in Bangalore.
"Other than Bangalore projects, GPL is developing one of the largest housing projects within the municipal limits of Ahmedabad. The total area being developed is around 40 million sq. ft. of residential and commercial space, with pricing in the low- to mid-level. Besides projects already launched in Bangalore, an MoU was expected to be concluded shortly to develop 50 acres in the northern part of the city", Mr. Godrej Added.
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- | Courtesy : the hindu
- | Posted on : Feb 20, 2010
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