Godrej Properties acquires land for township in Ahmedabad

In what could be the first major land deal in Ahmedabad after Tata Motors parked their Nano project at Sanand a year ago, Godrej Properties - the realty vertical of Godrej Group has completed acquisition of over 100 acres near Ahmedabad for its 'Godrej Garden City' project.

The township, proposed to be spread in about 250 acres, will offer affordable homes in the range of Rs 20-25 lakh. The company had proposed an investment of Rs 5,000 crore for the project to the state government earlier in January this year.

The project was recently selected among 16 founding projects across the world for the Climate Positive Development Programme, launched by former US President Bill Clinton. Atleast two developers privy to the development confirmed the deal and said that Godrej Properties has completed transaction for over 100 acres of private land at Jagatpur near SG Highway. "The deal was brokered by a local developer who is setting up a hotel project in the area," sources said. The size of the deal was however not known.

Industry experts believe that when the project materialises, it will be the largest ever of its kind in the city. The housing project will be spread across 30 million sq. ft of area and it will house residential as well as commercial properties, said sources close to the development.

Godrej Properties aims to create an integrated township within the city limits of Ahmedabad by providing a mix of residential, commercial and public spaces, said a company spokeperson while refusing to divulge details about about the deal.

The company aims to hit the capital market in the next couple of months, if the current uptrend in the market continues.The company has already got clearance from Sebi for the IPO, which will involve fresh capital issue of 13.5 per cent stake.

Besides Ahmedabad, the company is coming up with affordable housing projects in Bangalore, suburbs of Mumbai, Pune, Kolkata and Chandigarh.