Godrej steps it up in Delhi-NCR realty market
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.
“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,” 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.