Godrej to develop housing project in Gurgaon worth Rs 150 cr

Godrej to develop housing project in Gurgaon worth Rs 150 cr
Godrej Properties today said that it will invest Rs 150 crore to develop a new housing project in Gurgaon, reported PTI. Part of the Godrej Group, the realty firm has formed a joint venture with Oasis Buildhome that owns the land.

"The company would develop 306 apartments in this project, which is spread over 4.5 acre and has a saleable area of 5 lakh sq ft," as per the meadia reports."This is our third project in Gurgaon. First two projects have done well. This is going to be high quality premium development," Godrej Properties Managing Director and CEO Pirojsha Godrej, he added in a statement

He said the company expects the project to do well even as it has been launched in tough market conditions. Godrej Properties has entered into profit share agreement with Oasis Buildhome. "Our share will be 38 per cent of the total profit," Godrej said.

He said the rates of flats start from Rs 85 lakh. Mumbai-based Godrej Properties is developing housing, commercial and township projects spread across 100 million sq ft in 12 cities.

Dion Global Solutions Ltd.

Read more about: godrej properties, hosuing, gurgaon
Story first published: Monday, April 28, 2014, 12:20 [IST]
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