Godrej Properties Ltd, which handed over the first phase of apartments to buyers in the Godrej Garden City in Ahmedabad on Saturday, is open to having another residential scheme in the city.
The Garden City Project, an integrated township project over 200 acres, with 24 million square feet residential space, is already one of the biggest projects of the company in the country.
"There are many cities where we have multiple projects running at the same time. We are open to new opportunities in Ahmedabad as well," said Pirojsha Godrej, managing director and CEO of Godrej Properties Ltd.
Godrej Properties has already sold 4.5 million square feet of space in the Garden City project here. Of the total inventory launched here, around 85 per cent has already been sold, informed Godrej. On Saturday it handed over around one million square feet of developed space to buyers.
He added that, "We remain very confident on the potential of the Ahmedabad market. It is a steady market, where prices have not gone up like in many other cities." In the last three and a half years, prices at Godrej Garden City Ahmedabad have gone up by 55 per cent. "In comparison, prices in Godrej projects in Mumbai have gone up in the range of 70-100 per cent, while in Gurgaon by around 100 per cent during the same period," Godrej claimed.
He feels that price appreciation should be reasonable, otherwise it affects affordability and, in turn, distorts the market.