Delhi-NCR: Godrej Properties is actively looking to start new residential projects in Delhi, Faridabad and Ghaziabad markets in the near future. The projects could be in the form of plotted development, group housing or villa development.
“We are actively looking at expanding our residential portfolio in Delhi, Faridabad and Indirapuram in Ghaziabad as part of geographical diversification,” said Mohit Malhotra, executive director, Godrej Properties.
The company already has presence in the Delhi-NCR market with one project each in Noida, Greater Noida and Gurgaon. It forayed into the Delhi NCR market by signing a development management agreement with NCR-based builder Lotus Greens to build a housing project on 36 acre land parcel in Sector 150 of Noida. It also has tied up with real estate developer Ramprastha in a joint development agreement for a project in Sector 89 of Gurgaon. The company made its foray into villa development recently with 100-acre Godrej Golf Links project in Greater Noida, and registered sales of over 6 lakh sqft with a booking value of over Rs 300 cr on the launch day itself.
The Mumbai-based developer is also scouting for land parcels of a minimum size of 25-50 acres in cities such as Bangalore, Delhi-NCR, Pune and Mumbai to develop plotted land development business.
“Couple of deals are in the term sheet stage but the due diligence is yet to be done. The first plotted development project might come up in Bengaluru,” Malhotra said.
It is looking at forming joint ventures with land owners or purchasing land in partnership with its investors for developing projects. Malhotra said that currently the company has no plans to get into tier II cities and wants to focus only on the top four cities of Bangalore, Mumbai, Pune and Delhi-NCR.