You are here: Home » PTI Stories » National » News
Business Standard

Godrej Properties ties up with Pune-based developer for 6 projects

Topics
Business Finance

Press Trust of India  |  New Delhi 

Realty firm Godrej Properties Monday announced a tie-up with another developer for six projects in Pune.

The company has "entered into an equity investment platform in partnership with a Pune-based developer to develop six projects across Pune", the Mumbai-based Godrej Properties, part of the Godrej group, said in a regulatory filing.

This portfolio would comprise of various asset classes including group housing projects, plotted development, mixed use development and township projects.

The total land to be developed is over 300 acres located across the prime markets of west and east Pune.

"These six projects will offer a total saleable area of over 23 lakh square metres (approximately 25 million square feet), scheduled to be developed in multiple phases over the next 10 years," the filing said.

Godrej Properties said that this is a first of its kind equity platform investment and is in alignment with the company's strategy of deepening its presence across India's leading real estate markets.

It's executive chairman Pirojsha Godrej said, This single partnership will dramatically enhance our presence in the Pune market, cementing our presence across key growth areas within the city."

Pirojsha said the company's strategy was to grow the business across the country's leading real estate markets.

Recently, the company reported a consolidated net profit of Rs 41.63 crore for the December 2018 quarter, on account of higher sales. It had posted a net loss of Rs 54.75 crore in the corresponding quarter of 2017-18.

The company's total income rose to Rs 430.70 crore, compared with Rs 308.29 crore a year ago.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, February 04 2019. 09:05 IST
RECOMMENDED FOR YOU