NEW DELHI: Godrej Properties has signed a development management agreement with NCR-based builder Lotus Greens to build a housing project on 36 acre land parcel in sector 150 of Noida. This is its first foray into the Noida market.
This plot of land is part of the 300 acre sports township that builder Lotus Greens had acquired in late 2014 with the backing of private equity funds Clearwater Capital and SSG Capital Management. The two funds had put in Rs 450 crore together to help the builder make the first tranche of the payment for the land to Noida Authority. The total value pof the land is around Rs 2,500 crore.
"We have seen strong growth in the scale of our operations in NCR and look forward to building on this momentum through our entry into Noida, which is one of the country's leading real estate markets," said Pirojsha Godrej, managing director and chief executive officer of Godrej Properties.
The project in Noida by Godrej Properties will have around 4 million sq ft of saleable area.
While this is Godrej Properties' first project in Noida, it is its sixth in the National Capital Region (NCR). It has four projects through joint ventures with land owners in Gurgaon and one in Delhi that it had signed in 2013 with Southend Infrastructure for a five-acre group housing project in Okhla.