Indian real estate to chemical company Godrej Group plans to move in commercial real estate development in the National Capital Region with around 1,500 crore rupees (around $212 million) investments.
Godrej Properties Ltd (GPL) and Godrej Fund Management (GFM), the subsidiaries of Godrej Group, formed a joint venture with Indian bicycle maker Hero Cycles for the project which will come up with a four-acre plot, starting with a one million square feet office and retail project.
As part of the plan to monetise land parcels, Hero will develop the land plot along with Godrej Properties into a grade A office and retail space. The project is expected to be completed in the next three years.
Recently, GFM closed $450 million for its fund, which 50 percent has already been utilised so far with its first investment in mixed-used development at Vikhroli in Mumbai.