Godrej Properties mulls project in Surat

Having seen 90 per cent bookings for its 3,300 units launched at Godrej Garden City (GGC) in Ahmedabad, Godrej Properties is now bullish about the Gujarat market. In a bid to expand its presence in Gujarat, the real estate player is now mulling a project into Surat as well.

"We have sold 90 per cent of the space launched in Godrej Garden City in Ahmedabad. While nothing has been worked upon yet, we are mulling setting up a similar project in Surat," said Pirojsha Godrej, managing director and chief executive officer, Godrej Properties Ltd. when asked about the company's future plans in Gujarat.

At GGC, the company is set to launch the fifth phase of the residential project in calendar year 2012. "We will be launching the fifth phase of Godrej Garden City which will comprise 1.8 million sq ft of saleable area," said Godrej.

The fifth phase will see roughly 1,200-1,300 residential units being offered. So far, in all 3,300 units have been launched, spanning four million sq ft, of which 2,900 units or 90 per cent have been sold by Godrej Properties in Ahmedabad.

According to Pirojsha Godrej, the company sells residential properties at GGC in Ahmedabad at an average price of Rs 3,000 per sq ft. "Though there are different price slabs for different types of units," Godrej added.

Further, talking about RBI unchanging its lending rates, Godrej said, "More than rate cuts, a firm action on policy reforms is needed. It is, otherwise, easy to get affected by temporary negative emotions about the economy."

Meanwhile, apartment of 24 million of saleable area comprising over 13,000 apartments and villas, the project, spread across 250 acres will house 40 acres of scenic landscaping and open areas, and significant commercial spaces in its full capacity. Moreover, Godrej Properties plans to create facilities for education, health-care, recreation, hospitality, retail and banking within the development, apart from civic facilities and public utilities.

Godrej Properties has about 12 ongoing real estate projects with a total portfolio of 77 million sq ft across the country.