Go­drej Prop­er­ties break the NCR jinx

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Mad­hurima Nandy mad­hurima.n@livemint.com

BENGALURU: Go­drej Prop­er­ties Ltd (GPL) has man­aged to break a pro­longed bad spell in the Na­tional Cap­i­tal Re­gion (NCR) mar­ket, the coun­try’s largest and worst af­fected by the slow­down in prop­erty sales.

With ag­gres­sive sales, project launches, ac­qui­si­tion of projects and land, GPL has re­stored what most de­vel­op­ers in NCR lost out on—the trust of home­buy­ers.

In NCR, the Mum­bai-based GPL has around 10 projects with to­tal de­vel­opable area of 23.3 mil­lion sq ft. The com­pany has to­tal de­vel­opable area of 53.8 mil­lion sq. ft in Bengaluru and Mum­bai.

GPL per­formed in NCR at the peak of the realty slow­down. Large de­vel­op­ers based in the re­gion, such as Gu­ru­gram-based DLF Ltd, In­dia’s largest, de­cided to fo­cus more on its com­mer­cial of­fice port­fo­lio while Unitech Ltd bat­tled liq­uid­ity and le­gal is­sues.

De­vel­op­ers have been dragged to court over con­sumer com­plaints or have in­sol­vency pro­ceed­ings ini­ti­ated by Na­tional Com­pany Law Tri­bunal (NCLT) against them.“NCR is a big suc­cess story for us. Our first project in Greater Noida has been an out­stand­ing suc­cess. We en­tered the mar­ket much later, com­pared to other de­vel­op­ers, only a few years back, and have been able to build a strong project port­fo­lio based on project de­sign and ex­e­cu­tion. Dis­tress op­por­tu­ni­ties and home­buy­ers, who lost hope, have also played a sig­nif­i­cant role along with the trust that peo­ple as­so­ciate our brand with,” said GPL’s ex­ec­u­tive-chair­man Piro­jsha Go­drej.

In its 100-acre town­ship project in Greater Noida, GPL’s first in the mi­cro-mar­ket, it has sold homes worth Rs1,000 crore since its Novem­ber 2016 launch.

The project is priced at a 15% pre­mium over sim­i­lar projects by ri­vals, and sold apart­ments at Rs50 lakh up­wards and vil­las for Rs8 crore. “We aren’t sell­ing cheap. It’s a com­bi­na­tion of fac­tors that have worked for us in­clud­ing right prod­uct, abil­ity to un­der­stand the con­sumer, strong mar­ket, sales and dis­tri­bu­tion net­work and the fact that we are fo­cused on ex­e­cut­ing and de­liv­er­ing the projects we take up,” said Mo­hit Mal­ho­tra, man­ag­ing di­rec­tor, Go­drej Prop­er­ties.

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