Godrej Properties to enter the NCR market

The Mumbai-based real estate developer will launch its first residential project in NCR. 

Godrej Properties Ltd. (GPL) (BSE: GODREJPROP), the real estate development arm of the Godrej Group, today announced its entry into NCR (National Capital Region) with the company’s first residential project in northern India.  The company has entered into an agreement to develop approximately 1.05 million square feet on 9 acres of land in Sector 80 of Gurgaon.

As with almost all Godrej Properties’ projects, this project is a joint venture development.  Godrej Properties’ joint venture partner for this project is M/s. Frontier Home Developers Pvt. Ltd.  The project will be a residential development with apartments and penthouses of varying configurations. The project enjoys extensive green and open areas and has the added advantage of facing a 36-meter wide green belt.

The project, strategically located within NCR’s growth corridor, has frontage on NH-8 and is close to the industrial township of Manesar. The project has excellent connectivity with Delhi and its satellite towns through NH 8 and it is walking distance from the proposed Metro station.  The project site is located approx 20 km from the Indira Gandhi International Airport. There are three 5-star hotels projects underway and two golf courses in the vicinity.

Mr. Pirojsha Godrej, Executive Director, Godrej Properties Ltd., said: “We are pleased to announce our first project in NCR.  This marks an important milestone in our strategy of establishing ourselves as a leading national real estate developer.  We now have a presence in eleven cities across India.  This project continues our focus on adding quality joint venture residential projects to our portfolio of developments in India’s leading real estate markets.  We will partner with best-in-class architecture, construction and other service firms to ensure that we set benchmarks for design and quality throughout this project.”

About Godrej Properties Limited:
Established in 1990, Godrej Properties Limited (GPL) brings the Godrej Group philosophy of innovation and excellence to the real estate industry.  GPL aspires to be among India’s top three real estate companies while continuing to be the most trusted name in the industry. GPL has completed several landmark projects and is currently developing significant projects in eleven cities across India. Throughout its operations, GPL aims to deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight.

Godrej Properties Ltd. (GPL) is listed on the Bombay Stock Exchange (BSE) and The National Stock Exchange (NSE).

GPL has received several recognitions of its processes and performance which include receiving the ‘Best Business Practices’ award for the year 2009 and ‘Corporate Governance of the Year, 2008' award from Accommodation Times. GPL has also featured as the #1 ranked real estate developer for 2 consecutive years (2009 and 2010) in 'India’s Best Companies to Work For’ survey, conducted by ‘The Economic Times’ and ‘The Great Place To Work Institute’.