Godrej Properties Ties Up With TDI Group For Housing Project In Delhi

Published date: .

Realty firm Ltd on Monday said it has entered into a joint venture (JV) with TDI group to build a luxury at Connaught Place in Central Delhi.

In a regulatory filing, informed that the project would have a development potential of about 1.25 lakh square feet saleable area.

said it has "entered into a joint venture with TDI group to develop an ultra-luxury residential project in Connaught Place (CP), one of the most premium locations within the central business district of New Delhi".

Mohit Malhotra, Managing Director (MD) and Chief Executive Officer (CEO) of Godrej Properties, said, As we continue to strengthen our presence in Delhi, we are happy to add this project in one of downtown Delhi's most desirable locations".

This will be the company's third project in Delhi, he added.

Godrej Properties is developing a at Okhla, while it will soon launch a luxury at Ashok Vihar in the national capital.

In the Delhi-NCR property market, the company is also developing multiple housing projects in Noida, Greater Noida and Gurugram.

Kamal Taneja, MD of TDI InfraCorp, said, We are proud to be associated with Godrej Properties to deliver this uber-luxury project and we look forward to this association.

Mumbai-based Godrej Properties is expanding its presence across four major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

It is buying land parcels and entering into joint ventures with landowners to add projects for future development.

Recently, the company bought a 16-acre land parcel in Bengaluru to develop primarily residential properties.

Godrej Properties' sales bookings rose 18 per cent to Rs 3,072 crore during the April-September 2021 period, driven by higher demand for its residential properties in Delhi-NCR.

The sales bookings had stood at Rs 2,605 crore in the corresponding period of the last financial year.

Godrej Properties reported a five-fold jump in its consolidated net profit to Rs 35.72 crore for the quarter ended September on higher revenues.

Its net profit stood at Rs 7.10 crore in the year-ago period.

The total income rose to Rs 334.22 crore in the second quarter of this fiscal, from Rs 250.23 crore in the same period of the previous year.

Godrej Properties, part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.

According to property consultant PropTiger, housing sales are likely to rise by 15-20 per cent annually during the current calendar year across eight major cities on pent up demand and low-interest rates on home loans.

During the 2020 calendar year, sales had plunged 47 per cent to 1,82,639 units from 347,586 units in 2019.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor