Godrej Properties eyes foreign tie-ups

The Rs 5000-crore Godrej group is eyeing international collaborations for its subsidiary Godrej Properties (GPL).

"FDI in construction sector is a welcome move and we will be eyeing foreign tie-ups. However, these may not be immediate. Real estate development would be one of our core businesses in the near future, apart from FMCG and consumer durables," Adi B Godrej, chairman, Godrej group, said. He did not mention the name of the international partner.

In the recent Budget, the government permitted 100 per cent foreign direct investment (FDI) in construction and development projects.

So far, only non-resident Indians (NRIs) and persons of Indian origin (PIOs) were permitted to invest in the housing and real estate sectors.

"We see enormous opportunities for growth in the real estate business in the coming years. India's booming economy is dramatically increasing the need for quality real estate.

"Godrej Properties is now ideally situated to build on its successful beginning by leveraging its established brand image to achieve exponential growth," said Godrej.

Godrej Properties has completed several landmark projects in Mumbai and Pune. It is currently developing a nine acre Planet Godrej in central Mumbai and a 20 acre Godrej Woodsman Estate in Bangalore.

Godrej Properties was established in 1990 as a premier real estate development company within the Godrej group.