Godrej Properties enters Greater Noida market with 100 acre project

Realty firm Godrej Properties has partnered with AR Landcraft to develop 100 acre township project in Greater Noida.

In a BSE filing, Godrej Properties informed that it has entered the Greater Noida real estate market.

The Mumbai-based developer has partnered with AR Landcraft LLP to develop a 100 acre project in the city, it added.

Godrej Properties, the real estate arm of the Godrej Group, plans to develop a golf centric township on this land parcel with a saleable area of about 4 million sq ft.

This is company's first project in Greater Noida and seventh within the National Capital Region (NCR).

"Greater Noida is an important part of the NCR market and this project addition fits well with our strategy of deepening our presence across the country's leading real estate markets," company's MD and CEO Pirojsha Godrej said.

In January, Godrej Properties had announced its entry into the Noida real estate market in tie up with a local developer Lotus Greens.

The company would develop a housing project spread over 36 acres with a saleable area of 4 million sq ft.

At present, Godrej Properties is developing residential, commercial and township projects spread across about 119 million sq ft in 12 cities.

The company had posted a 21% increase in consolidated net profit at Rs 231.10 crore in 2015-16 fiscal as against 190.9 crore in the previous fiscal.

Income from operations rose 43% to Rs 2,633.96 crore last fiscal compared with Rs 1,843.09 crore in 2014-15.