 "Godrej-Hero Cycles join hands to develop commercial project in Gurugram")
Godrej Properties Monday announced a partnership with Hero Cycles to develop a commercial project comprising around 1 million sq ft of office and retail space on 4 acre land owned by the latter in Gurugram.
"Godrej Fund Management, the real estate private equity arm of the Godrej Group, and Godrej Properties have entered into a joint venture (JV) with Hero Cycles for their Golf Course Road property in Gurugram," the Mumbai-based developer said in a statement.
The JV would develop, lease, and manage around 1 million square feet of prime office and retail space on the 4-acre property, it added.
This will be Godrej Properties' 14th project in Delhi-NCR, which is one of the four key markets that the company is focusing on.
"The combination of Godrej Fund Management and Godrej Properties combines superior investment management capabilities with best-in-class development capabilities," Godrej Properties Executive Chairman Pirojsha Godrej said.
"We will do our best to ensure that it becomes a landmark development in NCR," he added.
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The company said the project is situated in one of the most desirable commercial locations in the country. The site is in close proximity to a multitude of established and leading commercial, retail, and residential destinations.
Pirojsha Godrej is also the chairman of Godrej Fund Management, which manages over $1 billion of capital across four funds in residential and commercial real estate.
In September, Godrej Properties announced a tie-up with Shipra group to develop a luxury housing project in Noida.