Godrej Properties ties up with Pune-based developer for 6 projects

Realty firm Godrej Properties Monday announced a tie-up with another developer for six projects in Pune.

The company has "entered into an equity investment platform in partnership with a Pune-based developer to develop six projects across Pune", the Mumbai-based Godrej Properties, part of the Godrej group, said in a regulatory filing.

This portfolio would comprise of various asset classes including group housing projects, plotted development, mixed use development and township projects.

The total land to be developed is over 300 acres located across the prime markets of west and east Pune.

"These six projects will offer a total saleable area of over 23 lakh square metres (approximately 25 million square feet), scheduled to be developed in multiple phases over the next 10 years," the filing said.

Godrej Properties said that this is a first of its kind equity platform investment and is in alignment with the company's strategy of deepening its presence across India's leading real estate markets.

It's executive chairman Pirojsha Godrej said, This single partnership will dramatically enhance our presence in the Pune market, cementing our presence across key growth areas within the city."

Pirojsha said the company's strategy was to grow the business across the country's leading real estate markets.

Recently, the company reported a consolidated net profit of Rs 41.63 crore for the December 2018 quarter, on account of higher sales. It had posted a net loss of Rs 54.75 crore in the corresponding quarter of 2017-18.

The company's total income rose to Rs 430.70 crore, compared with Rs 308.29 crore a year ago.

-PTI