GPL fixes Rs. 1000cr for affordability
The Godrej Group is all set to make its property development subsidiary, Godrej Properties (GPL) its mainline business and has drawn up plans to invest about Rs. 1000 crore in building real estate properties in the affordable housing segment in the next two years, Chairman, Adi Godrej, said.
He added that the company has scores of residential and commercial ventures in areas including Bangalore, Hyderabad, Ahmedabad, Mumbai, Kolkata and Chandigarh. In fact, it is currently building residential and commercial properties of over 90 million sq ft across 30 locations of which 15 million sq ft belonged to the residential segment. In Hyderabad, the GPL has decided to develop 7.5 million sq ft of areas on the outskirts of Moosapet and Patencheru areas of the city targeting both residential and retail segments.
The future demand for affordable housing and lesser competitive pressure in the property business would drive growth in real estate biz. The future growth would also come from strong rural demand particularly during the upcoming festival season when the country will witness a big push in rural housing markets largely due to good rains during the current monsoon season. In view of this, GPL is currently concentrating on the affordable segment in which an apartment with a price tag of Rs. 25 lakh has better growth potential as it is easily accessible to a larger part of the population both in rural and urban areas, hence its future housing projects will exploit the growing population of this segment to the hilt.
He added that the company has scores of residential and commercial ventures in areas including Bangalore, Hyderabad, Ahmedabad, Mumbai, Kolkata and Chandigarh. In fact, it is currently building residential and commercial properties of over 90 million sq ft across 30 locations of which 15 million sq ft belonged to the residential segment. In Hyderabad, the GPL has decided to develop 7.5 million sq ft of areas on the outskirts of Moosapet and Patencheru areas of the city targeting both residential and retail segments.
The future demand for affordable housing and lesser competitive pressure in the property business would drive growth in real estate biz. The future growth would also come from strong rural demand particularly during the upcoming festival season when the country will witness a big push in rural housing markets largely due to good rains during the current monsoon season. In view of this, GPL is currently concentrating on the affordable segment in which an apartment with a price tag of Rs. 25 lakh has better growth potential as it is easily accessible to a larger part of the population both in rural and urban areas, hence its future housing projects will exploit the growing population of this segment to the hilt.
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03 September 2010
