Godrej gears up for real estate with Integrated Development Strategy

December 19, 2007	(Be the first to rate this story!)  Loading ...
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After the state government repealed the Urban Land Ceiling (Regulation) Act (Ulcra), The Rs 7,500-crore Godrej group is planning to adopt an integrated development strategy on real estate. “By integrated development, we mean, residential, hospitals, health care, offices, IT, etc,” Godrej group chairman Adi Godrej told TOI. “This may also include revival of the group’s plans to build a world-class exhibition centre, a proposal which has been pending for very long. We have constantly been in dialogue with the government on the same. We are trying to convince them to modernise the regulatory framework.

We can only proceed with these plans once we are clear on the awaited regulatory policy of the government. For instance, we would like a change in the FSI (floor space index) regulations so that it is raised to what exists in other developed cities in the world. We expect this will follow, since Ulcra has been repealed,” said Godrej.

The Godrej group is clear on its strategy and even though owning vast acres of land across the country is not too keen to venture into hotels. Godrej group believes since they don’t have much expertise in this Hotel sector, they would much likely to concentrate on the exhibition centre which would be one of its kind in India, surrounded with services like hotels. This move might open the floodgates of opportunities for other leading hotel giants. To develop the services around the exhibition centre, these leading players could come into play.

News Published Under:   Real Estate India, Real Estate Developers |

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