Godrej Properties Ltd will invest Rs 500-600 crore in its upcoming residential project in Gurgaon. To be completed in 2017, Godrej Summit will host 1,200 flats at a starting price of Rs 75 lakh.
Pirojsha Godrej, Managing Director and CEO, said here on Tuesday that the project would be developed under an “area sharing agreement” in which GPL will hold 65 per cent stake. The project will be spread across a 0.2 million sq feet space.
“The National Capital Region is a top market for us and we will be bringing more projects in the area,” he said. The company said it was hoping to mop up revenues of Rs 1,200 crore from the project.
GPL had earlier launched its first project Godrej Frontiers in 2010.
Real estate investor, Sun Apollo, is the financial partner in the new project. Godrej said the company had raised Rs 44 crore from Sun Apollo.
Godrej Properties has 80 million sq feet in 30 projects across the country. Recently, it had created a Rs 770-crore development fund with a slew of investors, including Dutch Service provider APG, to develop residential properties in India. Godrej Properties shares on Tuesday closed at Rs 531.35 on the National Stock Exchange, up 1.4 per cent from close on Monday.