Godrej Properties inks joint venture with landowner for housing project

Real estate firm Godrej Properties said on Monday that it has entered into an agreement with Oasis Buildhome, which owns nearly 14 acre of land in Gurgaon, to develop a premium housing project.

This would be the fourth project of Godrej Properties, which is part of realty arm of Godrej Group, in the national capital region (NCR).

In a filing to the BSE, Godrej Properties informed that it has "entered into a development agreement with Oasis Buildhome Pvt Ltd to develop a 13.76 acre property situated on Northern Periphery Road (NPR) in Sector 88A/89A, Gurgaon".

The project would be developed as a premium residential group housing project and is expected to offer 1.2 million square feet of saleable area, it added.

Godrej Properties is currently developing two residential projects in Gurgaon and has recently added a new project in Okhla in the national capital where it plans to undertake a premium housing project. As with most Godrej Properties projects, this project is being done as a joint venture.

"We are happy to add this new project in Gurgaon to our development portfolio. NCR is an important growth market for us and this is the second new project we have entered in NCR in FY14," said Pirojsha Godrej, managing director and CEO of Godrej Properties.

The project fits well with the company's strategy of growing its presence in India's leading real estate markets, he added.

Godrej Properties is currently developing residential, commercial and township projects spread across 87.6 million square feet in 12 cities.

Shares in Godrej Properties, on Monday, rose 0.19 per cent to end at Rs 473.50 apiece on the BSE.