Godrej Properties aim Rs 2,000 crore revenue from 33-acre housing project in Bengaluru

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The Godrej Corporation

Real estate development, fast-moving consumer products, sophisticated engineering, home appliances, furniture, security, and agri-care are all part of the Godrej Group’s diverse business portfolio. Despite the fact that many of our companies are privately held, our publicly traded organisations have a combined market capitalization of more than USD 15 billion. The Godrej Group is one of India’s most varied and trusted conglomerates, with annual turnover of USD 5 billion and an estimated 1.1 billion people using one or more Godrej products everyday.

In the pre-independence decades, the Godrej Group was founded in 1897 with the goal of demonstrating economic self-sufficiency and superiority inside India. The organisation has a historic history of creating important products and constructing businesses that serve the country’s interests, from fire-resistant safes to one of the world’s first soaps made from vegetable oil and the voting boxes for independent India’s first general election. We’ve always prioritised people and the environment over profits. Philanthropic trusts that work on environmental, educational, and health-care issues in India possess around 23% of the promoter stock in the Godrej Group. Through our Good & Green strategy of shared values, we are also bringing together our passion and purpose to make a difference by creating a more employable Indian workforce, building a greener India, and innovating for ‘Good’ and ‘Green’ products.

PROPERTIES OF GODREJ

Godrej Properties is a real estate company that follows the Godrej Group’s concept of innovation, sustainability, and quality. Every Godrej Properties project blends a 123-year tradition of excellence and trust with a dedication to cutting-edge design and technology. Godrej Properties has won over 250 awards and recognitions in recent years, including ‘The Most Trusted Real Estate Brand’ in 2019 from the Brand Trust Report, ‘Real Estate Company of the Year’ at the 9th Construction Week Awards 2019, ‘Equality and Diversity Champion’ 2019 at the APREA Property Leaders Awards, ‘The Economic Times Best Real Estate Brand 2018’, and ‘Builder of the Year’ at the CNBC-Awaaz Real Estate Awards 2018.

Over the years, our projects have achieved numerous firsts in the Indian real estate industry. When finished in 2008, the Planet Godrej skyscraper in Mumbai was India’s tallest occupied structure. It was also the first project in the country to provide inhabitants with a fire escape chute, demonstrating our commitment to customer safety and well-being. Godrej BKC, our commercial office project, is the only LEED Platinum-rated skyscraper in India’s most prestigious commercial sector, Bandra Kurla Complex, proving Godrej Properties’ dedication to environmental sustainability. In 2015, a huge international pharmaceutical business purchased space in this project for INR 1,479 crore, breaking the record for India’s costliest ever commercial end-user sales transaction. The Trees, our flagship project, is one of India’s most sustainably designed mixed-use developments, and we hope it will contribute to the country’s progression of urban design thought. Within six months of launching this project in 2015, we sold over INR 1,200 crore worth of space, making it one of the country’s most successful residential project launches.

The country’s metropolitan landscape is set to change substantially in the future decades, with an estimated 10 million Indians relocating into urban areas each year. We are convinced that India should take advantage of the chance to urbanize in a sustainable way. Our organization has always been in the forefront of the struggle for environmental sustainability. When it was finished in 2004, the CII-Godrej Green Building Center in Hyderabad became the first LEED Platinum building outside of the United States and the world’s highest-rated LEED building. Godrej Properties pledged in 2010 that every project it develops will be a certified green building. Many of our projects have since been awarded LEED Platinum certifications, which are widely regarded as the most prestigious sustainability awards. The Clinton Foundation chose Godrej Garden City, a huge township project in Ahmedabad, as one of just two projects in India and 16 worldwide to work with them in the goal of achieving climate positive development. The GRESB (Global Real Estate Sustainability Benchmarking) research, which is an industry-led sustainability and governance benchmarking platform, ranked us second in Asia and fifth in the world in 2016.

Godrej Properties became a publicly traded firm in 2010 after a successful initial public offering (IPO) that raised USD 100 million. In 2016, Godrej Properties established a fund management company, Godrej Fund Management, which raised USD 275 million in the country’s largest residential real estate focused fund raising. We are one of India’s few national developers with significant presence in the country’s most important real estate markets. Godrej Properties became India’s largest publicly traded real estate developer by sales value in the financial year 2016, having sold over INR 5,000 crore of real estate. We also supplied 0.56 million square metres (6 million square feet) of real estate in seven Indian cities during the same year. We think that it is the people who work at Godrej Properties that enable us to create an exceptional company brimming with talent, dynamism, and inspiration. Godrej Properties has been named as the number one real estate developer and among the top fifty companies overall for four consecutive years by the Great Places to Work Institute in association with the Economic Times, in appreciation of our employees and practices.

Godrej Properties expects a turnover of Rs 2,000 crore from a 33-acre home project in Bengaluru 

Godrej Properties Ltd announced on Monday that it has signed an agreement to develop a 33-acre land parcel in Bengaluru, with income expected to be over Rs 2,000 crore from the future residential project. Godrej Properties said in a regulatory filing that the land is in the residential micro-market of Bannerghatta Road in South Bengaluru. “The new project along Bannerghatta Road will have a developable potential of around 3.4 million square feet of saleable space, with an expected revenue of over Rs 2,000 crore,” it continued. The arrangement calls for an outright purchase with the landowners receiving a 5% area share. “Bannerghatta Road is an important micro-market inside Bengaluru, and we are thrilled to add this land piece to our portfolio,” said Mohit Malhotra, MD & CEO of Godrej Properties. He stated that this will help the company increase its presence in South Bengaluru and is in line with the company’s aim of “deepening its presence in key micro markets throughout India’s main cities.”

Bannerghatta Road, according to Godrej Properties, is one of the most established residential areas in South Bengaluru, with great access to the Bannerghatta Main Road and Electronic City’s IT/ITES belt. Godrej Properties purchased a 50-acre land piece in Sonipat, Haryana, for plotted development earlier this month. Godrej Executive Chairman Pirojsha Godrej said in an interview with PTI last month that the business expects to invest roughly Rs 7,500 crore in the next 12-18 months on the purchase and development of new real estate projects. He was optimistic about the housing and commercial real estate segments’ future prospects, particularly in four main markets: the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, and Pune, where the company has a significant presence.

“Over the next 12-18 months, we will invest USD 1 billion (about Rs 7,500 crore) in the development of new projects,” Pirojsha said. Godrej Properties, the largest listed real estate firm in terms of sales bookings in the previous fiscal year, acquires new projects through outright land purchases and collaborative ventures with landowners. The Mumbai-based company is expected to break the previous year’s record of Rs 6,725 crore in sale bookings in the 2021-22 financial year. Housing sales rebounded in 2021 following a severe drop the year before due to the pandemic. In the first nine months of current fiscal year, practically all major publicly traded real estate developers saw an increase in sales.Housing sales in eight major cities grew 13% in 2021, to 2,05,936 units, from 1,82,639 units the previous year, according to real estate expert PropTiger.com. Anarock, a real estate brokerage firm, said that in 2021, sales in the top seven cities increased by 71% year over year to 2,36,530 units.

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