Godrej Properties may offer affordable housing at sub-Rs 15 lakh

Published: November 18, 2009
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Godrej Properties, the realty arm of Godrej Industries Limited is extremely bullish on the affordable housing market in India. The company is mulling on the possibility of introducing housing facilities for the masses at price points below Rs 15 lakh per unit.

Godrej Properties executive director Pirojsha Godrej told ET, “We would like to take a push at prices below Rs 15 lakh. The demand in the sub-Rs 15-lakh (housing category) is unlimited. The opportunity there is very big.”

The company has several residential projects in the offing with its latest coming up in Ahemdabad on 250 acres, which will also have sections catering to the affordable housing demand. The integrated township will have residential, commercial and retail spaces in approximately 14 million sq ft. Godrej properties has developed 23 projects, 60% of which are in the residential space; currently, 82 million sq feet of mixed use space is under development.

While Mr Godrej has been studying the low-cost or affordable housing segment in India, his company recently launched apartments in Kolkata starting at just below Rs 20 lakh and is now among several players including Tata Housing and Unitech that are concentrating on the rising demand for affordable housing.

Making realty the fastest growing business for the Godrej Group, the company is concentrating equally on offering commercial space for the corporate.

On Monday, Godrej Properties launched its first project in north India.

Godrej Eternia, a commercial space complex will come up on 4.04 acres in the industrial area of Chandigarh, equidistant from neighboring cities of Panchkula (Haryana) and Mohali (Punjab). The company will invest Rs 200 crore for developing 6.8 lakh sq ft that will be rented out to large and small corporate houses based out of Chandigarh, large companies having offices spread across the city and industrial clusters like Ludhiana and Jalandhar that may have representative offices in Chandigarh. Godrej Properties has entered into a memorandum of understanding with Larsen and Toubro for developing of this project apart from its other future projects.

The company is scouting for more locations to expand its real estate business in the northern region including Mohali and Delhi NCR. Godrej
Properties has previously signed a MoU with group company Godrej and Boyce Manufacturing Co for using its available land bank of 75 acres in Mohali.

We are evaluating our options to determine whether the Mohali site will house a commercial, residential or a mixed use project,” says GPL managing director Milind Korde. The MoU between the two parties is expected to become an agreement post GPL’s initial public offer which is estimated to hit the capital markets before the end of this calendar year. The Rs 600-crore that the IPO looks to mop up will be infused back in realty projects and partly to pay off incurred debt.

Source : Economic Times


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1 Comment so far

  1. cb prasad April 11, 2012 10:51 pm

    like to know about projet’s in ncr,delhi region

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