Godrej Properties partners with TDI group to develop housing project

01 Dec 2021

On Monday, Godrej Properties Limited said that it has entered into a joint venture (JV) with TDI group to develop a luxury housing project at Connaught Place in Central Delhi.

In a regulatory filing, Godrej Properties notified that the housing project would have a development potential of approximately 1.25 lakh sq ft saleable area.

Godrej Properties said that it entered into a joint venture with the TDI group to create an ultra-luxury housing project in Connaught Place (CP), one of the most premium areas within the central business district of New Delhi.

Godrej Properties is building a housing project at Okhla, while it will shortly launch a luxury housing project at Ashok Vihar in Delhi. In the Delhi-NCR property market, the firm is additionally constructing numerous housing projects in Greater Noida, Noida and Gurugram.

Mumbai-based Godrej Properties is creating its presence across four main cities- Pune, Delhi-NCR, Mumbai Metropolitan Region (MMR), and Bengaluru. It is procuring land properties and entering into joint ventures with landowners to add projects for future growth.

Presently, the firm acquired a 16-acre land parcel in Bengaluru to build mainly residential properties.

Godrej Properties' sales bookings grew 18% to Rs 3,072 crore during the April-September 2021 period, caused by higher demand for its residential properties in Delhi-NCR.

The sales bookings reached Rs 2,605 crore in a similar period of the past financial year.

Godrej Properties reported a five-fold increase in its consolidated net profit to Rs 35.72 crore for the quarter ended September on higher earnings.

Its net profit reached Rs 7.10 crore in the previous year period.

The overall income grew to Rs 334.22 crore in the second quarter of this fiscal, from Rs 250.23 crore in the corresponding period of the previous year.

Godrej Properties, part of the business conglomerate Godrej Group, is one of the leading real estate developers in the nation.

As per the property consultant PropTiger, housing sales are expected to surge by 15-20% yearly during the current calendar year across eight significant cities on pent up demand and low-interest rates on home loans.

During the 2020 calendar year, sales had dropped 47% to 1,82,639 units from 347,586 units in 2019.

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Also read: Godrej Properties bags 7.5 acre land redevelopment project in Wadala
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