February 08, 2023
Godrej Properties to add over 10 housing projects to development portfolio in FY23
These new additions will be made through its existing model of forming alliances and even direct land acquisitions supported by its robust balance sheet.
Godrej Properties, the real estate development arm of the Godrej Group, is likely to add at least 10 new residential projects across the country to its existing development portfolio by the end of March in the current financial year, a top company official said.
These new additions will be made through its existing model of alliance building and even through direct land acquisition which is backed by its strong balance sheet.
“The average size of a project to be added to the portfolio will probably be 1.5 to 2 million sq ft. But this can vary depending on the location and the occasion… We have a lot of new projects where we have more economic interest,” says Godrej Properties Executive Chairman of the company Pirojsha Godrej told ET.
The Godrej Group Company is trying to leverage its brand and financial position to take advantage of the opportunities for consolidation through the crisis arising in the real estate sector.
Industry experts believe that the ongoing market consolidation in favor of large and established developers will gain momentum due to their better execution efficiencies and access to liquidity in the current market environment as compared to smaller developers.
The company is also raising funds to drive consolidation and significantly strengthen its growth portfolio with the use of additional capital. Currently, it has a $1 billion war chest to support its development plans.