Godrej in JV unveils ₹700-cr commercial project

Godrej Group, through its arm, Godrej Fund management (GFM), a real estate private equity player, has entered into a strategic partnership with the Centruy Group of Bengaluru to develop a commercial asset at an investment of ₹700 crore. The proposed project, spread over 10 acres with a development potential of 2-3 mn sq ft., will be a commercial project in north Bengaluru with the city continued to be a dominant in overall office leasing in the country, primarily driven by tech companies, followed by flexible space operators and engineering & manufacturing firms. The city contributed 27% of the total absorption in the first nine months of 2019. The money will be invested through the ₹3,200 crore built to core-1 office platform of the Godrej Group. The office project will also mark the beginning of partnership with both firms for multiple such opportunities. Century group has many strategic land parcels and local expertise. Century Real Estate, the firm with the largest land bank in Bengaluru, is foraying into commercial real estate, and is targeting a commercial portfolio of 7 million sq ft in the immediate future. The initiative will see Century Real Estate build ₹2,000-crore office platforms. While the builder will contribute land and look into development, the prospective investor will bring in the initial ₹1,000 crore, said official sources.