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Godrej aims big in realty

The Telegraph, Kolkata

April 30, 2012

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Godrej Properties, the real estate arm of the Godrej group, is betting big on the rising demand for residential projects.

"We have currently 75 million square feet under development across 12 cities. Last year, we added 10 new deals, mostly in the residential segment and it has done better for us. This year, we hope to maintain that kind of traction as well," Pirojsha Godrej, managing director of Godrej Properties, told The Telegraph. Of these 10, nine were in the residential segment.

"The residential market is the bigger part of all the real estate demand in the country. About 70 to 80 per cent of the total demand come from this segment. So, we see a bigger opportunity there. In addition, the Godrej brand is a particular source of strength that helps in attracting customers," he said. The company is looking to start work on its second residential property in Calcutta by 2013. Godrej Properties is developing a luxury residence on 1.36 acres at Alipore. A 14-storey building with 50 to 60 apartments is slated to come up on the plot.

"This will be our fourth project in Calcutta and it fits in well with our strategy of adding quality residential projects in different parts of the country. We are hoping that we can start work on the project by 2013 and then it could take anywhere between three and five years to complete the project," Godrej said.

Godrej Properties has one more residential project in the city called Godrej Prakriti at BT Road. Godrej said that of the 3 million square feet of land under development there, already 1.4 million square feet had been sold. The company has two more commercial projects in the state's IT hub at Salt Lake - Godrej Waterside and Genesis.

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