Godrej Properties Expects Rs 3,000 Crore Revenue From Greater Noida Township

New Delhi: Realty firm Godrej Properties is expecting a sales revenue of about Rs 3,000 crore over the next 6-7 years from a new township in Greater Noida where the company sold properties worth over Rs 300 crore on the first day of launch.

Godrej Properties, the real estate arm of Godrej Group, will launch more projects during this fiscal year and announce new tie-ups for future development, its managing director and CEO Pirojsha Godrej told PTI.

The Mumbai-based developer had last month forayed into the Noida-Greater Noida property market with the launch of a 100-acre township in partnership with local builder Ace Group. (Read: Godrej Properties sells villas worth Rs 300 crore in a day in Greater Noida project)

"We sold over 6 lakh sq ft of villas in a single day at the launch of our township with booking value in excess of Rs 300 crore. It was very important for us. This is our first project in Noida-Greater Noida, which is a big real estate market in the country," Mr Godrej said.

The company has launched the first phase comprising one million square feet of villas, he said, adding that the total development potential in this township is about 4.5 million square feet, mostly villas and some group housing.

"Out of one million sq ft, we have already sold 6,00,000 sq ft. The construction work will start in next few months. Revenue recognition will be in the next fiscal," he said.

Mr Godrej did not share the investment to be made on the development of this entire township 'Godrej Golf Links'.

Asked about sales realisation, he said: "Based on the current price, we expect a sales booking of Rs 2,500-3,000 crore over the next 6-7 years from this project."

Launched before Diwali, the first project in the township - Crest - contains villas of various sizes and configurations. Mr Godrej said the company also plans to launch Noida project by end of this financial year. The company has partnered local developer Lotus Greens to enter Noida property market.

On overall sales bookings expectation for fiscal year 2016-17, Mr Godrej said: "We don't give sales guidance. We did record sales bookings of Rs 5,038 crore last fiscal, helped by Rs 1,500 crore commercial space deal at Godrej BKC in Mumbai."

"You will see lot more launches and project tie-ups in the markets we are present. In the national capital region, we are looking at all sub-markets including Sohna, Gurgaon," he said.

The company has about 3 lakh sq ft of office space left in the BKC project and about 1 million sq ft of space in Kolkata and Chandigarh, which is worth about 1,500 crore.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 129 million square feet in 12 cities.