Godrej Properties ltd the real estate development arm of Godrej Group, on Saturday said it will invest Rs150 crore to develop a new housing project in Gurgaon. Part of the Godrej Group, the realty firm has formed a joint venture with Oasis Buildhome Pvt ltd that owns the land.
The company would develop 306 apartments in this project, which is spread over 4.5 acre and has a saleable area of 5 lakh sq ft. “This is our third project in Gurgaon. First two projects have done well. This is going to be high quality premium development,” Godrej Properties Managing Director and CEO Pirojsha Godrej told reporters here.
He said the company expects the project to do well even as it has been launched in tough market conditions. “The total investment in the project will be Rs150 crore,” Godrej said. Godrej Properties has entered into profit share agreement with Oasis Buildhome.