Godrej Properties to acquire two adjacent land parcels in Navi Mumbai


Godrej Properties, real estate development arm of the Godrej Group, has emerged as the highest bidder for two Navi Mumbai plots e-auctioned by the government of Maharashtra’s city planning authority the City and Industrial Development Corporation (CIDCO).
has bid total Rs 166 crore for the adjacent plots in Sanpada locality of Navi Mumbai.

Spread over nearly 1.5 acres, this project is expected to have development potential of around 4 lakh sq ft. The company is planning to develop a project comprising primarily of premium residential apartments of varied configurations with a small amount of high street retail at the base of the development.

“We are happy to add this new project in Navi Mumbai to our portfolio. This project will strengthen our development portfolio in MMR and fits well with our strategy of deepening our presence in key markets across India’s leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.

Situated around 1 km away from Palm Beach, Sanpada is a key location in Navi Mumbai and offers a well-developed social and civic infrastructure with reputed schools, hospitals, residential and commercial spaces in close proximity.

In February, the company’s board had approved an enabling resolution to raise up to Rs 3,750 crore equity or debt capital through public or private issue in one or more tranches.

According to Pirojsha, as and when the company decides to raise these funds, the goal would be entirely to drive consolidation, even faster through this additional capital and use it to significantly strengthen the company’s development portfolio.

READ  Massive Fed support fails to stop Wall St. slump

“We think any capital deployed over this next 12 months is likely to generate very good returns given where we are in the real estate cycle,” he had told ET then.

Apart from its independent developments, Godrej Properties has already been using asset light and capital efficient joint developments and alliances to support its growth and market share.

The company has added 35 projects with nearly 78 million sq ft saleable area to its portfolio since 2017-18. In the last nine months alone, the company has added three major projects in Mumbai Metropolitan Region and Bangalore with 5.6 million sq ft saleable space.

The company is looking to rapidly add projects to our portfolio as Godrej believes that the real estate cycle is turning for better and any projects added now at current valuations are likely to be attractive as they get developed over the next 4-5 years. Ends





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here