Godrej Properties said it hopes to launch a 6.5 million sq ft residential project in Kolkata in the next two months once the final approval for the project is ready. The size of the apartments will be the region of 3,500-10,000 sq ft, MD and CEO of the company Pirojsha Godrej said.
This is an ultra luxury residential project at upmarket Alipore area of Kolkata and this is part of the 82 million sq ft residential and office complexes that the company plans to build across the country. In Kolkata, the company would now focus only on residential projects.
The MD further said that the project would cost Rs 100 crore. The company had embarked on projects in the city and suburbs like office complex Godrej Waterside at Salt Lake Electronics Complex and Godrej Prakriti Residential Project at Sodepur in North 24 Parganas near the metropolis.
He also said that demand for commercial real estate has remained low owing to slowdown in economic activity and he hopes that it would pick up over the next few months.