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| Godrej announces Rs 200 cr commercial proj in Chandigarh |
| Press Trust of India / Chandigarh Nov 16, 2009, 19:24 IST |
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Godrej Properties, the real estate arm of the Godrej group, today announced setting up of its first commercial project in the northern region here with an estimated investment of Rs 200 crore.
"Godrej Eteria, which is coming up in Chandigarh, will be our first ever commercial project in north. It will involve an investment of Rs 200 crore," company's Executive Director Pirojsha Godrej told reporters here today.
Spread over 4.04 acres of land with a development size of 6.80 lakh square feet, the project will offer modern offices and retail spaces.
The project is expected to be completed within 30 months of its start of operations, he said.
GPL has entered into a joint development agreement with Zara Infrastructure along with other landowners for the development of this project.
On its initial public offer, company's Managing Director Milind Korde said that the company had submitted Draft Red Herring Prospectus with Sebi and was awaiting its clearance. "We are trying to come out with IPO within this year but we are awaiting the approval of Sebi," he said. However, he refused to divulge the amount to be raised through IPO.
Set up in 1990, the company has a land bank of 391.04 acres aggregating 82.74 million square feet of developable area located across India.
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