With the Godrej group shifting many of its 100 factories to Himachal Pradesh, the land made available will be utilised by group company Godrej Properties, said the chairman of the group, Adi Godrej.
An Initial Public Offer (IPO) from Godrej Properties will come at the end of this calendar year, he said and the plan was to provide 10 per cent of new shares in the IPO and another 3.5 per cent in a pre-IPO placement, he said.
Speaking to reporters at an event in the city, he said there was no plan to develop a Special Economic Zone anywhere. “SEZ is not an attractive venture,” he said.
On the other hand, he said, affordable housing offers huge growth opportunity and 70 per cent of project development by Godrej Properties goes to residential ones.
Speaking on Godrej land being made over to Godrej Properties, he said of the 3,500 acres the group owns at Vikhroli in Mumbai, a portion will be alloted to develop a township.”Once the subway is developed in Mumbai,Vikhroli wil become an important residential area.”