SME Times News Bureau | 07 Mar, 2013
Mumbai-based Godrej Properties Ltd. (GPL), the real estate arm of the Godrej Group, Wednesday said it is planning to launch a Rs.100 crore super-luxury residential project in the city in the next two months.
The project called Godrej Platinum will come up at the city's upmarket Alipur area.
"The project will have a saleable area of about 1,70,000 square feet. About Rs.100 crore investment would be required in the new project," GPL managing director and chief executive officer (CEO) Pirojsha Godrej told reporters here.
According to Godrej, the project might take about three-and-half years to be completed.
This upcoming project in south Kolkata will be the firm's second residential project in the city after Godrej Prakriti at Sodepur.
The real estate major Wednesday commenced the handing over process of the first phase of the Prakriti project. Targeted at the mid-income group, the project will have a total of 2,500 apartments. In the first phase, it has 537 apartments.
"Once the total project completes, the total investment would be Rs.1,000 crore in the Prakriti project," Godrej said.
In addition to the two residential projects, the GPL also has two commercial projects, Godrej Waterside and Genesis in the metropolis.
The company said its Genesis project at Salt Lake would be completed in the next 12 months.
"In the four projects in Kolkata, our total investments would be about Rs.2,000 crore to Rs.2,500 crore," the CEO informed.
The GPL has currently been developing residential, commercial and township projects spread across 82 million square feet areas in 12 cities across India.