Realty firm Godrej Properties Ltd on Monday said it has entered into a joint venture (JV) with TDI group to build a luxury housing project at Connaught Place in Central Delhi. In a regulatory filing, Godrej Properties informed that the project would have a development potential of about 1.25 lakh square feet saleable area.
Godrej Properties said it has “entered into a joint venture with TDI group to develop an ultra-luxury residential project in Connaught Place (CP), one of the most premium locations within the central business district of New Delhi”. Mohit Malhotra, Managing Director (MD) and Chief Executive Officer (CEO) of Godrej Properties, said, “As we continue to strengthen our presence in Delhi, we are happy to add this project in one of downtown Delhi’s most desirable locations”. This will be the company’s third project in Delhi, he added.
Godrej Properties is developing a housing project at Okhla, while it will soon launch a luxury housing project at Ashok Vihar in the national capital. In the Delhi-NCR property market, the company is also developing multiple housing projects in Noida, Greater Noida and Gurugram. Kamal Taneja, MD of TDI InfraCorp, said, “We are proud to be associated with Godrej Properties to deliver this uber-luxury project and we look forward to this association.”
Mumbai-based Godrej Properties is expanding its presence across four major cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. It is buying land parcels and entering into joint ventures with landowners to add projects for future development. Recently, the company bought a 16-acre land parcel in Bengaluru to develop primarily residential properties.
Godrej Properties’ sales bookings rose 18 per cent to Rs 3,072 crore during the April-September 2021 period, driven by higher demand for its residential properties in Delhi-NCR. The sales bookings had stood at Rs 2,605 crore in the corresponding period of the last financial year. Godrej Properties reported a five-fold jump in its consolidated net profit to Rs 35.72 crore for the quarter ended September on higher revenues.
Its net profit stood at Rs 7.10 crore in the year-ago period. The total income rose to Rs 334.22 crore in the second quarter of this fiscal, from Rs 250.23 crore in the same period of the previous year. Godrej Properties, part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.
According to property consultant PropTiger, housing sales are likely to rise by 15-20 per cent annually during the current calendar year across eight major cities on pent up demand and low-interest rates on home loans. During the 2020 calendar year, sales had plunged 47 per cent to 1,82,639 units from 347,586 units in 2019.