Godrej Properties Limited will hold '50.01% and NRTPL will hold the remaining 49.99%'
Godrej Properties Limited has entered into a joint venture with Nilkamal Realtors Towers Pvt Ltd (NRTPL) for property development located in Mumbai. The project is being developed by the company through a special purpose vehicle, Godrej Residency Pvt Ltd (GRPL), the company told the stock exchanges.
According to the official statement, Godrej Properties Limited will hold "50.01% and the remaining 49.99% will be held by NRTPL".
Separately, Godrej Properties has announced that it will develop a project in Gurugram, Haryana on 14.27 acres of land with an estimated revenue potential of around ₹3,000 crore.
The development will mainly consist of premium residential apartments, said the statement shared with the stock exchanges.
The real estate firm said this would be one of the largest GPL residential developments in Gurugram. The site is strategically located with easy access to National Highway 48 and Northern Peripheral Road.
In the financial year 2020-21 (FY21), Godrej Properties said it has emerged as the largest developer in India by value and volume of residential sales.
Godrej Properties is aggressively acquiring land for future development and has added eight new projects with an estimated revenue potential of ₹16,500 crore so far in FY23.
With financial year 2022-23 still four months away, Godrej Properties Executive Chairman Pirojsha Godrej expects the company to add many more land parcels to its portfolio by March.
In February this year, Pirojsha Godrej outlined plans to invest around ₹7,500 crore over the next 12-18 months in the acquisition and development of new real estate projects.
As per plans, Godrej Properties has added 8 new plots so far this financial year, almost all 100 per cent owned and these will help generate sales revenue worth ₹16,500 crore.
Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.
It primarily focuses on four cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.
The Delhi-NCR market has witnessed several land deals this year as builders have expanded their presence to capitalize on the revival in demand.
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