Godrej Properties and Godrej Fund Management, the real estate private equity arm of the group, have entered into a joint venture agreement with Hero Cycles to develop one million sq ft of prime office space in Gurugram in the National Capital Region (NCR).
The joint venture will develop, lease, and manage the prime office and retail space on the four-acre Golf Course Road property.
“Godrej Fund Management and Godrej Properties together combine superior investment management capabilities with best-in-class development capabilities. We will do our best to ensure this development becomes a landmark in NCR,” Pirojsha Godrej, Executive Chairman, Godrej Properties, and Chairman, Godrej Fund Management, said in a statement today.
The project is situated in one of the most desirable commercial locations in the country. The site is in close proximity to a multitude of established and leading commercial, retail, and residential destinations, the statement said.
Godrej Fund Management manages over a billion dollar of capital across four funds in residential and commercial real estate. Godrej Properties is looking at penetrating deeper only in top four markets of Mumbai, Bengaluru, NCR and Pune. The joint venture will strengthen Godrej’s presence in the NCR market, the statement added.