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Godrej Properties to build township in Gurgaon
Citizens of Gurgaon can soon fulfill their dream of owning a house with Godrej Properties Ltd. developing up a housing project in coordination with a local land owner. The company told in a statement to Business Standard "Godrej Properties has added a new project in Gurgaon to its development portfolio. The land parcel measures 17.4 acres and the project will be developed as a premium residential housing project."
The real estate development arm of the Godrej Group, Godrej Properties, said that 1.6 million sq ft is the expected saleable area in the project and this would be company's fifth project in the NCR.Currently, the Mumbai-based Godrej Properties is developing three housing projects in Gurgaon and has already tied up for a housing project at Okhla in Delhi. The project will be developed through the residential investment platform that the company established in FY13. It is the third project added through this platform.

The company's MD and CEO Pirojsha Godrej said. "We are happy to add this new project in Gurgaon through our residential investment platform. This project fits well with our strategy of building our presence through projects in superior locations across the country."

A company spokesperson said that Godrej Properties has entered into partnership with a land owner to develop this project. The company does not buy land parcels and has a strategy to develop projects in tie up with local partners.

Spread across 102 million sq ft in 12 cities, Godrej Properties is developing residential, commercial and township projects. The company's net profit grew by 15 per cent to Rs 159.4 crore in 2013-14 fiscal, while the total income rose by 20 per cent to Rs 1,254.2 crore compared with 2012-13.

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