Godrej Properties to invest Rs 600 cr on new project in Gurgaon

NEW DELHI: Godrej Properties Ltd today said it would invest up to Rs 600 crore in developing a residential complex in Gurgaon over the next five years.

"This is our second project in the National Capital Region. We will invest Rs 500-600 crore on this in the next five years," Godrej Properties Ltd (GPL) Managing Director and CEO Pirojsha Godrej told reporters here.

The project -- Godrej Summit, will be developed in partnership with Zara Sanya under an area sharing agreement, in which GPL will hold 65 per cent stake, he added.

"We will construct about 1,200 flats in 11 towers. The price of the flats will start from Rs 75 lakh," Godrej said.

The company is expecting a total revenue of Rs 1,200 crore from the project.

GPL had earlier launched its first project in Gurgaon -- Godrej Frontiers -- in 2010.

Real estate investor Sun Apollo is the financial partner in the new project.