On the dawn of Monday Godrej Properties ltd have announced that they are entering into a joint venture with Neelkamal Realtors Towers Private limited(NRTPL) for the development of property in Mumbai.
The company Godrej Residency Private Ltd ( GRPL ) has conveyed to the stock exchanges that the project is being developed by the company through a special-purpose vehicle. Godrej Properties limited through an official statement have said that Godrej Properties Limited will be holding a “50.01% share in the venture and the Neelkamal Realtors Tower Private Limited (NRTPL) gonna hold 49.995 of share in the venture “
In the financial year 20-21 Godrej Properties limited emerged as the country’s largest Real estate developer by value and volume of residential sales and they are adamant on retaining the position. In order to retain the leading position the company has aggressively acquired land for future development and has added eight new projects till now as of December with an estimated money-making potential of Rs 16500 cr. The company is optimistic that they will be adding more land parcels by the end of the financial year 22-23.
The Real estate company has conveyed that they are going to develop a project over a14.27 acres land in Gurugram, Haryana with a revenue potential of Rs 3000 cr. The development consists of premium apartments. The company has also said that this development will be one of its largest residential developments in Gurugram. The site is located in a strategically better position with a better access to National Highway 48 and the Northern Peripheral Road.
Pirojsha Godrej, Executive Chairman in the month of February this year has said that the company has plans to invest nearly Rs 7500 cr over the next 12-18 months in the acquisition and Development of new Real estate projects. as a result the company has added 8 new properties in their inventory which is almost all 100% owned, so far this fiscal and these are estimated to earn them around Rs 16500 cr in revenue.
Godrej group is the parent company of Godrej Properties Ltd. Which is India’s one of the largest Real estate developers. It predominantly focus and develops properties in four cities- Delhi NCR, Mumbai Metropolitan Region , Bangalore, and Pune
Surprisingly the Delhi-NCR region have witnessed many deals this year as various builders glanced to expand their presence to make money in the event of rise in property price
India is witnessing a boom in Real estate development due to increased capital expenditure as well as increased expenditure in infrastructure which leads to optimism boost in people. Specifically the builders are seen in good mood as there are reports that they are purchasing properties in various cities in India to encash the coming golden period of india