DELHI: Godrej PropertiesBSE 1.09 % today announced its foray into the property market of the national capital by signing a development agreement with Southend Infrastructure for 5-acre luxury group housing project in Okhla.
In a filing to the BSE, Godrej Properties said that its subsidiary Wonder Space Properties "has signed a development agreement with Southend Infrastructure for the development of plot of land measuring 5.15 acres (approx 20877 sq metres)" in Okhla Phase-I.
"The project will be developed as a luxury residential group housing project," Godrej Properties, part of Godrej Group, said in a statement.
The land is strategically located on the main road going towards Mathura road from Greater Kailash, it added.
This will be the Godrej Properties' first development in New Delhi and its third in NCR. The company has currently two residential projects in Gurgaon.
"We are happy to enter our first project in New Delhi. NCR is key part of our growth strategy and we believe this project's strategic locations will help grow our presence in the region," Godrej Properties Managing Director and CEO Pirojsha Godrej said.
At present, the Mumbai-based company is developing residential, commercial and township projects spread across about 85 million sq ft in 12 cities.
Godrej Properties posted a net profit of Rs 122.67 crore over a revenue of Rs 426.71 crore during 2012-13.