Godrej Properties to enter Chennai’s property market

Source :FC :D Govardan: Sep 15 2010
Tags:Godrej Properties


Godrej Properties is all set to enter the Chennai property market. It will develop about 12.5 acres — belonging to Amgalgamations Group company, Addison Paints and Chemicals — as a residential apartment complex through a joint development.


The property is located close to Chembarambakkam on the Che nnai-Bangalore national highway, just after Poonamallee, a western suburb, whose surroundings have seen the launch of a slew of new residential projects.


“The firm plans to develop 1,500 residential apartments in the property. Area of most of the 2 BHK and 3 BHK apartments will range between 1,200 sq ft and 1,400 sq ft. The company will also have 1BHK studio apartments on offer,” a property consultant said.


The project, which will be launched soon, plans to target em ployees of several multinationals in the Sriperumbudur Industrial belt. Officials of Godrej Properties as well as Addison Paints could not be re ached for comments.


“Some of these established traditional industrial groups are finding out ways to hedge their risks and make use of the boom in the residential segment of the property market,” Narayanan Ramaswamy, executive director, advisory services, KPMG said.


For Godrej Properties, which has already marked its entry in the south by developing a residential property near the Hebbal-Kem papura area in Bangalore, the joint development with Addison will pave its way into the growing residential market in Chennai.


With more than 40 companies and over 15,000 employees, the Ch ennai-headquartered closely held Amalgamations Group, one of the oldest industrial houses in southern India, is a billion dollar enterprise.


One of the largest light engineering groups in the country, Am algamations’ operations include manufacturing of automotive components and paints, trading and distribution, services and plantations.

Godrej Properties To Sell 49% Of Godrej Estate For INR450 Million

Thursday, March 31, 2010
Source: Dow Jones Newswires:Ameya Karve


MUMBAI - Godrej Properties Ltd.
said on  Monday the 22nd March, it is planning to  sell a 49% stake
in unit Godrej Estate Developers Pvt. Ltd. to HDFC
Asset Management Co. for INR450 million.

 in a note forwarded to National Stock Exchange, Godrej
Properties stated  that it has given Godrej Estate the
rights to develop a real estate project in the
northern Indian city of Chandigarh.

Godrej Properties, a part of the Godrej grop.

HDFC Asset Management is a joint venture between
Indian mortgage lender Housing Development
Finance Corp.  and U.K.-based
Standard Life Investments Ltd.