Godrej Properties looking to enter Noida real estate market

New Delhi: Godrej Properties Ltd is keen on entering the Noida real estate market and is looking for a partner to develop a housing project, according to a top official at the company.

The real estate arm of the Godrej group is developing 3 premium housing projects in Gurgaon in joint venture with land owners and has already tied up for a residential project in Okhla, Delhi.

Godrej Properties has a strategy to develop real estate projects through joint ventures with land owners.

"Mumbai, Delhi-NCR and Bangalore are our major markets. We are looking at more housing  projects in Delhi-NCR," Godrej Properties Managing Director and CEO Pirojsha Godrej said when asked about expansion plan in the national capital region.

On plans to enter Noida market, he said: "We do not have presence in Noida which is a key market in Delhi-NCR. We are looking to add projects in this market as well."

The company is in talks with a few potential partners for developing a housing project in Noida, he said, adding "it is a good time to add new projects as real estate market is facing slowdown".

Asked as to when the company would launch Delhi project, Godrej said: "It will be in next fiscal. We are waiting for the approvals to start the project."

In June 2013, Godrej Properties had announced its foray into the Delhi property market by signing a development agreement with Southend Infrastructure for 5-acre luxury group housing project at Okhla.

The company is performing well despite the slowdown in real estate market, Godrej said, adding that it will launch more projects than last fiscal when it launched 10 new projects or new phase of existing projects.

He said the company will continue with the strategy to add projects through JVs and won't opt for outright land purchase.

On the overall realty market, he said: "Residential is bit slow at the moment. NCR in the last six month was the slowest."

Last week, Godrej announced an investment of Rs 150 crore to develop a new housing project in Gurgaon. The company would develop 306 apartments in this project, which is spread over 4.5 acre and has a saleable area of 5 lakh sq ft.

Mumbai-based Godrej Properties is developing housing, commercial and township projects in 12 cities with 100 million sq ft development potential, of which 20 million sq ft is under construction.

In 2012-13 fiscal, the company's net profit stood at Rs 138.4 crore on a revenue of Rs 1,047.6 crore.