GFM generates Rs. 1,900cr for realty projects

Defying recessionary tendencies in the country's real estate sector, Godrej Fund Management (GFM), the newly created real estate fund management arm of Godrej Properties, has managed to amass a staggering sum worth Rs 1,900-cr from international investors to invest in the property developments of the company across the country, a senior executive at Godrej Properties, Karan Bolaria, said adding that the Dutch pension fund asset manager APG Asset Management, which had a $200-million joint venture with Godrej Properties for property investments, has come in as the lead investor for Godrej Residential Investment Program II (GRIP II) whereby the Godrej Properties will hold a 20% stake in the platform and the property player is expecting 20% returns and looking to deploy the money in two to three years. While managing director and chief executive, Godrej Properties, Pirojsha Godrej, said that the earlier platform with APG is fully deployed and now the player has come in as a lead investor, she claimed.