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 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 scores clean sweep, sells all 695 Gurgaon flats in single day

New Delhi: Mumbai-based real estate developer Godrej Properties Ltd on Thursday said it has sold the first phase of its housing project comprising 695 flats, equivalent to 1 million sq. ft. of space, in Gurgaon in one day.

The Mumbai-based real estate developer had yesterday launched the 21- acre housing project in Gurgaon's Sector 104 comprising 1,200 flats with an investment of up to Rs 600 crore.

Pirojsha Godraj, Managing Director & CEO, Godrej Properties said, “We are thrilled to have received this strong vote of confidence from our customers in Gurgaon. We will make every effort to ensure we live up to their expectations by successfully delivering an outstanding project. NCR is the country’s largest real estate market and is a key part of Godrej Properties’ growth strategy."

Sold out: Godrej Summit in Gurgaon

The company expects a revenue of Rs 1,200 crore from this project over the next five years. The project will be build in partnership with Zara Sanya under an area sharing agreement, in which Godrej will hold 65 percent stake.

Spread over 21 acres, Godrej Summit consists of 11-high rise towers and offers approximately 1,200 homes across 2 million sq. ft. of space. Godrej Summit will offer various amenities including a modern community center, a well-equipped gymnasium, swimming pools, meditation areas and a café. Sports facilities such as a 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. Customers will benefit from a nursery and primary schools as well as retail spaces planned within the project.

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.

The location offers excellent connectivity and is approximately 500 meters from 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 is a joint development project, which Godrej Properties is developing in partnership with Zara Sanya.