Bengaluru: Godrej Properties Ltd has launched a premium residential project, ‘Godrej Emerald,’ in Thane, suburban Mumbai, in a joint development agreement with Vihang Group.
This is the first project the Mumbai-based developer has launched as part of its new $275 million Godrej Residential Investment Platform 2.
In March, Godrej Properties raised capital for Godrej Residential Investment Program II (GRIP-II), a pool of capital to invest in residential projects, from a clutch of investors, with Dutch pension fund asset manager APG Asset Management NV as the lead investor.
The Godrej-APG alliance will identify land parcels and develop four to five residential projects in Mumbai, Pune, Bengaluru and the national capital region (NCR) centred on Delhi.
The Thane project is spread across 6.25 acres, with a saleable area of around 1.35 million sq. ft. The first phase of the project will have three high-rise residential towers with one-and-a-half, two- and three-bedroom homes from 500 sq. ft. to 1,000 sq. ft in size.
“We are happy to launch Godrej Emerald and look forward to developing it as a landmark project in Thane. This is an important micro market in Mumbai and we hope to use this launch as a springboard for expanding our presence in the Thane market,” Pirojsha Godrej, managing director and chief executive, Godrej Properties, said in a statement.
Larger developers such as Godrej Properties and Tata Housing Development Co. Ltd have tied up with multiple developers in different markets, allowing them to enter into new property markets without buying any land as smaller and mid-sized realty firms find it increasingly tough to execute projects on their own at a time when the real estate sector is going through a downturn.
In January, Godrej Properties signed a development management agreement with Lotus Greens to build a housing project in Sector 150 of Noida, marking the former’s entry into the Noida market.
At 11.50am, Godrej Properties Ltd rose 0.2% to Rs.364.80 while India’s benchmark Sensex Index fell 0.1% to 27,807.50 points.