Godrej Properties ties up with TDI group for housing mission in Delhi

Realty agency Godrej Properties Ltd on Monday mentioned it has entered right into a three way partnership (JV) with TDI group to construct a luxurious housing mission at Connaught Place in Central Delhi.

In a regulatory submitting, Godrej Properties knowledgeable that the mission would have a improvement potential of about 1.25 lakh sq. ft saleable space.

Godrej Properties mentioned it has “entered right into a three way partnership with TDI group to develop an ultra-luxury residential mission in Connaught Place (CP), some of the premium areas throughout the central enterprise district of New Delhi”.

Mohit Malhotra, Managing Director (MD) and Chief Govt Officer (CEO) of Godrej Properties, mentioned, As we proceed to strengthen our presence in Delhi, we’re glad so as to add this mission in certainly one of downtown Delhi’s most fascinating areas”.

This would be the firm’s third mission in Delhi, he added.

Godrej Properties is creating a housing mission at Okhla, whereas it would quickly launch a luxurious housing mission at Ashok Vihar within the nationwide capital.

Within the Delhi-NCR property market, the corporate can be creating a number of housing initiatives in Noida, Higher Noida and Gurugram.

Kamal Taneja, MD of TDI InfraCorp, mentioned, We’re proud to be related to Godrej Properties to ship this uber-luxury mission and we look ahead to this affiliation.

Mumbai-based Godrej Properties is increasing its presence throughout 4 main cities — Delhi-NCR, Mumbai Metropolitan Area (MMR), Pune and Bengaluru.

It’s shopping for land parcels and coming into into joint ventures with landowners so as to add initiatives for future improvement.

Lately, the corporate purchased a 16-acre land parcel in Bengaluru to develop primarily residential properties.

Godrej Properties’ gross sales bookings rose 18 per cent to Rs 3,072 crore throughout the April-September 2021 interval, pushed by larger demand for its residential properties in Delhi-NCR.

The gross sales bookings had stood at Rs 2,605 crore within the corresponding interval of the final monetary yr.

Godrej Properties reported a five-fold leap in its consolidated web revenue to Rs 35.72 crore for the quarter ended September on larger revenues.

Its web revenue stood at Rs 7.10 crore within the year-ago interval.

The whole revenue rose to Rs 334.22 crore within the second quarter of this fiscal, from Rs 250.23 crore in the identical interval of the earlier yr.

Godrej Properties, a part of the enterprise conglomerate Godrej Group, is among the main actual property builders within the nation.

In response to property advisor PropTiger, housing gross sales are prone to rise by 15-20 per cent yearly throughout the present calendar yr throughout eight main cities on pent up demand and low-interest charges on house loans.

In the course of the 2020 calendar yr, gross sales had plunged 47 per cent to 1,82,639 items from 347,586 items in 2019.

(Solely the headline and film of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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