Godrej for scrapping Urban Land Ceiling Act in Bengal

Godrej Properties, part of Godrej Group, expressed its keenness in undertaking more real estate investments in West Bengal, especially in residential projects.

"Already four projects are going on and talks for three to four projects are currently on," Group Chairman Adi Godrej said during an informal chat with media.

Expressing reservation on the Urban Land Ceiling Act in West Bengal, Godrej said, “Many states have done away with this outdated legislation. It is not a good to continue with this Act."

While expressing the group’s intention to increase its presence in residential sector in Kolkata to meet the demand, he said, "There is more demand for residential property in Kolkata. As economic activity and the IT scene (in Bengal) improve, we might go in for commercial projects too.

Officials from the company said two new residential projects are likely to take shape in the coming days. Godrej Properties has four ongoing projects in Kolkata and outskirts. 

Godrej Properties to enter Noida, looks for JVs

Godrej Properties is keen on entering the Noida real estate market and is looking for a partner to develop a housing project, according a company source.

The real estate arm of the Godrej group is developing three premium housing projects in Gurgaon in joint venture with land owners and has already tied up for a residential project in Okhla, Delhi.

Godrej Properties has a strategy to develop real estate projects through joint ventures with land owners.

"Mumbai, Delhi-NCR and Bangalore are our major markets. We are looking at more projects in Delhi-NCR," Godrej Properties Managing Director and CEO Pirojsha Godrej told PTI when asked about expansion plan in the national capital region.

On plans to enter Noida market, he said: "We do not have presence in Noida which is a key market in Delhi-NCR. We are looking to add projects in this market as well."

The company is in talks with a few potential partners for developing a housing project in Noida, he said, adding "it is a good time to add new projects as real estate market is facing slowdown".

Asked as to when the company would launch Delhi project, Godrej said: "It will be in next fiscal. We are waiting for the approvals to start the project."

In June 2013, Godrej Properties had announced its foray into the Delhi property market by signing a development agreement with Southend Infrastructure for 5-acre luxury group housing project at Okhla.

The company is performing well despite the slowdown in real estate market, Godrej said, adding that it will launch more projects than last fiscal when it launched 10 new projects or new phase of existing projects.

He said the company will continue with the strategy to add projects through JVs and won't opt for outright land purchase.

On the overall realty market, he said: "Residential is bit slow at the moment. NCR in the last six month was the slowest."

Last week, Godrej announced an investment of Rs 150 crore to develop a new housing project in Gurgaon. The company would develop 306 apartments in this project, which is spread over 4.5 acre and has a saleable area of 5 lakh sq ft.

Mumbai-based Godrej Properties is developing housing, commercial and township projects in 12 cities with 100 million sq ft development potential, of which 20 million sq ft is under construction.

In 2012-13 fiscal, the company's net profit stood at Rs 138.4 crore on a revenue of Rs 1,047.6.

Godrej Properties to launch township project in Bengaluru

Bangalore : Godrej Properties Ltd (GPL), the leading Mumbai-based property developer, has entered into a partnership to develop a 100-acre residential township in North Bengaluru. 

Spread across 100 acres, the project offers a potential saleable area of 9.4 million sq. ft. Close to the new international airport, the project is proposed to be developed as an integrated township with a mix of residential unit types as well as a school, convenience retail and other amenities to ensure an integrated self-sufficient lifestyle for residents.

The proposed site is strategically located between the Bangalore International Airport and Hebbal and has easy access to the city from the new signal-free corridor created on NH7. The location is also close proximity to several IT parks and schools and is one of the fastest developing areas in the city. As with most GPL projects, this project will be developed as a profit sharing partnership, according to a press release.

Speaking on the new project, Pirojsha Godrej, MD & CEO, Godrej Properties said, "We are happy to have entered into an agreement to develop a large township in Bengaluru. This will be our third township project after in Ahmedabad and Mumbai and we will seek to create an outstanding destination. We are currently developing several projects in Bengaluru, which has been India's best performing real estate market and this new development will substantially strengthen our presence in this important city. This project fits well with our strategy of developing world class residential projects in key markets across the country.

Godrej Properties to raise funds through rights issue

Godrej Properties, the realty arm of Godrej group, is planning to raise funds through rights issue. The board will meet on May 9 to consider the issue of equity shares of the company, reports ET.

The company had launched an IPO in December 2009 to raise Rs 468 cr. It had also raised Rs 470 cr last year through Institutional Placement Programme (IPP). This year Godrej has managed to get around Rs 500 cr as debt for its commercial project at Bandra-Kurla Complex in Mumbai.

Godrej Properties focuses on residential, commercial and township developments. Its residential portfolio consists of various types of accommodations. The company's commercial portfolio includes office space catering to blue-chip Indian and international companies; IT parks catering to the requirements of IT/ITES companies; and retail space.

An earlier attempt to raise $100 Mn from Singapore government’s sovereign fund – GIC Real Estate for the project in February last year did not go through as the deal was called off later.

 In April, Godrej Properties announced a new redevelopment project in Chembur, Mumbai; it launched phase III of Godrej Summit in Gurgaon and Godrej Platinum in Alipore, Kolkata. In May, real estate developer signed a development management agreement for a project in Bengaluru.

In this segment, Samruddhi Realty issued 21.7 lakh equity shares for partial repayment of long term loans and DLF raised R750 Cr through issue of bonds for development of its housing and commercial projects.

Godrej Properties to declare dividend on May 09

Godrej Properties Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 09, 2013, inter alia, to consider and approve the audited financial results of the company for the quarter and year ended March 31 and also recommendation of dividend, if any, for the financial year, to be paid subject to shareholders’ approval in the ensuing Annual General Meeting, a Money Control Report said.

Godrej Properties launches next phase of Godrej Summit in Gurgaon

Godrej Properties has recently launched Phase III of its residential project, Godrej Summit, near Dwarka Expressway, in Sector 104, Gurgaon. 

The new phase consists approximately 2 lakh sq. ft saleable area. Customers can choose from 3 BHK, 4 BHK, and penthouse apartments ranging from 1,712 sq. ft. to 4,925 sq. ft.

The location is close to the proposed 150 meter wide Dwarka Expressway, which is currently under construction. The site is strategically located in the high growth corridor of Gurgaon urban area and is also well connected to the Airport, Railway Station, NH8 and Gurgaon Central Business District.

Godrej Summit will offer various amenities including a modern community centre, a well-equipped gymnasium, swimming pools, meditation/yoga areas and a café. Sports facilities such as an indoor squash court, a tennis court, a badminton court, a multipurpose court, a jogging track and a skating rink will also be part of the project. There is also a nursery and primary schools as well as retail spaces planned within the project.

Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, “We are happy to launch the third phase of Godrej Summit. The first two phases received an overwhelming response and we look forward to sustaining the strong momentum with this launch.  NCR is a crucial market for us and we hope to deliver an outstanding project to our customers at Godrej Summit.”

Godrej Summit is designed on the principle of sustainability. GPL will use eco-friendly material and will integrate environment-sensitive passive architectural solutions to minimize the carbon emission associated with the development.

Features like rainwater harvesting and solar heating and lighting will be incorporated in the project design. Furthermore, 80% of the project will be covered in landscaped gardens and open spaces.

Godrej Summit is a joint development project, which Godrej Properties is developing in partnership with Zara Sanya.

Godrej Properties unveils ultra-luxury residential project in Kolkata

Godrej Properties Ltd., the real estate development arm of the Godrej Group, has launched ultra-luxury residential project, Godrej Platinum, in Alipore, Kolkata, the company said in a statement.

Spread over approximately 1.4 acres, this project will have only 35 luxurious homes. Apartment sizes range between 3,762 sq. ft. per apartment and 5,075 sq. ft. per apartment with an average ticket size of Rs 10 crores per home.

Godrej Platinum enjoys good frontage on Burdawan Road within the peaceful and serene Alipore, which has established itself as Kolkata’s most desirable residential enclave. Renowned hotels, schools, hospitals, and shopping malls are in close proximity to Godrej Platinum.

The centrally air-conditioned apartments will have luxurious and spacious bedrooms with exclusive wardrobe areas. All apartments are designed to be intelligent homes and will be fitted with state-of-the-art home automation systems. Each apartment will have spacious outdoor private decks for entertainment. The residents of this project will also enjoy membership in Quintessentially – an exclusive international concierge club. In addition, Godrej Platinum offers a multitude of lifestyle and sports amenities including a well-equipped gymnasium, swimming pool, indoor games and dedicated kids play area.

The project will use eco-friendly material and will integrate environment-sensitive passive architectural solutions to minimize carbon emissions. Features like electric car charging facility, rainwater harvesting, low VOC paints and water efficient fixtures will be incorporated in the project design.

Godrej Platinum is designed by world renowned architecture firm, Perkins Eastman, who are the Masterplanners and Design Architects for the Indian School of Business at Mohali and have to their credit many international landmarks.

Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, ”We are very excited to launch our luxury residential project, Godrej Platinum, in Alipore. Through outstanding design, quality construction, and attention to every detail, we intend to ensure that Godrej Platinum becomes Kolkata’s most exclusive and desirable residential address for decades to come.”

Indian real estate developers look up for UAE Expo 2013

Bangalore: Yard Real Estate, a Dubai-based firm and a leading Indian realtor will host the Indian Properties Spring Expo 2013 in Dubai from February 15-16.

Bringing more than 25 leading Indian developers under one roof, the two-day expo offers a platform to investors to meet all reputed builders showcasing villas, apartments and commercial spaces in the finest location across India, it was announced here.

"The real estate sector in India is witnessing a boom. With favourable currency exchange rates, it is perhaps the right time for Indian expatriates living here to cash in on the real estate ride.

"We are able to provide a secure platform to our customers as all the projects showcased at the Expo are reliable and come with the necessary permits from the concerned authorities," according to Prasanna Thakkar, a senior official of the property firm.

Among the developers showcasing their properties at the Indian Properties Spring Expo 2013 are Godrej Properties, TATA Housing, Rustomjee, Kalpataru, Ajmera, Pittie, Rhythm Realty, Aruma, Mantri Developers, Jaypee Greens, Wave Infratech, Arun Excello and Shanders, to name a few.

For online registration and more details about this expo: http://dubaiexpo.in/online-registration/