Godrej Properties enters Noida, ties up with Lotus Greens

NEW DELHI: Godrej Properties has signed 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. This is its first foray into the Noida market. 

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This plot of land is part of the 300 acre sports township that builder Lotus Greens had acquired in late 2014 with the backing of private equity funds Clearwater Capital and SSG Capital Management. The two funds had put in Rs 450 crore together to help the builder make the first tranche of the payment for the land to Noida Authority. The total value pof the land is around Rs 2,500 crore. 

"We have seen strong growth in the scale of our operations in NCR and look forward to building on this momentum through our entry into Noida, which is one of the country's leading real estate markets," said Pirojsha Godrej, managing director and chief executive officer of Godrej Properties. 

The project in Noida by Godrej Properties will have around 4 million sq ft of saleable area. 

While this is Godrej Properties' first project in Noida, it is its sixth in the National Capital Region (NCR). It has four projects through joint ventures with land owners in Gurgaon and one in Delhi that it had signed in 2013 with Southend Infrastructure for a five-acre group housing project in Okhla. 

Source - ET
 

Godrej Properties sells 300 apartments within a week

MUMBAI: Godrej Properties, the real estate development arm of the Godrej Group, has sold 300 apartments within one week at its newly launched project The Trees at Mumbai's Vikhroli suburb, the company said in a statement. 

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This represents over 80 per cent of the 374 apartments the developer had opened for sale in the first phase of this project. The value of apartments sold is in excess of 700 crores making this Godrej Properties' most successful ever launch in terms of value of real estate sold, the company said. 

Shares of Godrej PropertiesBSE 1.94 % surged over 5 per cent following the company's announcement of achieving good bookings at their flagship project. 

"We are thrilled with the customer response to the launch of The Trees in Vikhroli. We will do everything possible to ensure we deliver our customers an outstanding and innovative project," Pirojsha Godrej, Managing Director & CEO, Godrej Properties. 

The project will include commercial development spread across 9.4 acres including Godrej One and the Godrej Group's global headquarters that has already been developed. 

The central mixed-use zone, spread over 9.2 acres, will comprise a 5-star luxury hotel, cultural buildings, luxury residential, and retail space, the developer said in a statement. 

The residential development will be spread over 6.7 acres and the first phase will have a saleable area of 5 lakh sq ft. 
 

Source - ET