Godrej Properties to develop residential project at Mohali

CHANDIGARH: Godrej Properties Limited (GPL), a real estate arm of Godrej Group, on Thursday said it would develop a residential housing project at Mohali in Punjab, which could involve a capital outlay of Rs 450 crore.

Besides, the company would also focus on several cities, including NCR, Mumbai, Bangalore, Pune, Chennai and Chandigarh for developing a slew of residential projects in line with its plans to cash in on the growing demand for housing from urban sector.

"We are looking to develop a residential project in Mohali with a minimum land of 20-25 acres...we are in talks with certain land owners here for (entering into a) joint venture in this project," the company's MD Milind Korde told reporters here today.

Though investment is not a constraint for the company for the upcoming project at Mohali, yet the estimated capital outlay in this project may be around Rs 450 crore, including the land cost, he said.

GPL is already in the process of developing its first Rs 400 crore commercial project in Chandigarh, which will be spread over 4.04 acres with a development size of 6.80 lakh square feet. "This project is going to complete by September next year," he said.

Company's focus towards growing real estate sector of northern region could also be gauged that it has set up a 3,500 square feet office here which will take care of its projects in northern region.

GPL, having presence in 11 cities across country, is developing 83 million square feet of area which would be done in a span of next 8 to 10 years. "After a gap of three years, we will develop 10 million square feet of area each year," he said.

Godrej Properties is also keen on redevelopment of real estate projects particularly in Mumbai. "We will go into redevelopment of areas like old buildings, cooperatives society houses and slum area in Mumbai," he said. The company's other projects are in Gujarat, Managalore, Kochi, Chennai, Gurgaon, Pune, Bangalore, Hyderabad.