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« Commonwealth Games – Acting Catalyst for Realty Development in NCR | Home | Time to Rejoice for Would Be Lessors »

Godrej Group Eyeing Booming Realty Sector

The frenzy of lucrative real estate deals is now encouraging many multinational corporations to leverage large advantages from red hot property market in India. The newest addition to the list is the Godrej Group, traditionally identified with FMCG and consumer durable products. This prestigious conglomerate has decided to make property development as its core driver.

At present, sales of the property hardly account for 7% of this large conglomerate with a turnover exceeding Rs. 5,500 crore. Looking forward to making the very best of opportunities provided in Indian real estate sector, the Group expects realty development to serve as the Group’s largest revenue earner in the coming years, says Adi Godrej, Group Chairman.

Adi also forecasts excellent future prospects for his property division which he believes to double annually. Godrej Properties, the real estate arm of Godrej group makes a contribution of 7 per cent, while poultry and agro-products division Godrej Agrovet makes up 15 per cent.

The newly modified business plan of the Group includes the unlocking of its vast land assets in Mumbai, with more than 2000 acres of land in its Vikhroli estate in Mumbai’s north east suburbs. Godrej holds an amazing brand “image” which will further be beneficial for the company’s realty products, adds Adi Godrej.

Land development at Vikhroli will be taken up as a joint venture between the land holding companies Godrej Industries and Godrej & Boyce and the realty arm Godrej Properties.

Also, the company is planning to raise considerable amount of money through its IPO to fund a slew of expansion initiatives to provide its realty arm with a large base. A large portion of company’s manufacturing unit at Vikhroli has been shifted to Himachal Pradesh and has vacated three million square feet of land.

Godrej Group has fastened its seat belt to bring in other land holdings into property development. In Bangalore, 100 acres of land acquired by group company Godrej Agrovet for poultry breeding would now be used for property development.

The company is not only making the use of its own possession but is purchasing more and more chunks of land to turn its dreams into reality.  Godrej Properties has bought 34 acres of land near Hyderabad from Rallis India for a consideration of Rs 57 crore. The company plans to build up a large six million square feet IT park, or alternatively an IT special economic zone (SEZ).

In Bangalore, the company is transforming the old AMCO industrial unit into a residential complex with 3,000 apartments. The Godrej Group enjoys a status of being the most respected business houses in the country.

News Published Under:   Real Estate Developers, Real Estate India | No Comments »

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