Godrej Properties turns to 'outright land buys' as prices decline

Sensing the distress opportunities, Godrej Properties has been creating a war-chest to acquire land parcels.

Godrej Properties, well known for joint property development with landowners, is buying more plots on “outright basis” as land prices correct in top cities of the country.

Joint development was preferred by the company as it was less capital intensive and mitigated risk.

The cash-rich developer has bought three land parcels in quick succession in recent months when most developers have been sitting tight or doing everything possible to sell their inventory to generate cash.

Godrej Properties has bought land parcels in Mumbai, Bengaluru, and Faridabad. Another group firm Godrej Fund Management has also bought a couple of land parcels in recent months.