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Godrej Properties Ltd has tied up with a land owner to develop a new housing project in Gurgaon.
"Godrej Properties has added a new project in Gurgaon to its development portfolio. The land parcel measures 17.4 acres and the project will be developed as a premium residential housing project," the company said in a statement today.
Godrej Properties, the real estate development arm of the Godrej Group, said the expected saleable area in the project is 1.6 million sq ft and this would be company's fifth project in the NCR.
Mumbai-based Godrej Properties is developing three housing projects in Gurgaon and has already tied up for a housing project at Okhla in Delhi.
The project will be developed through the residential investment platform that the company established in FY13. This is the third project added through this platform.
"We are happy to add this new project in Gurgaon through our residential investment platform. This project fits well with our strategy of building our presence through projects in superior locations across the country," the company's MD and CEO Pirojsha Godrej said.
Godrej Properties has entered into a partnership with land owner to develop this project, a company spokesperson said.
The company has a strategy to develop projects in tie up with local partners and it does not buy land parcels.
Godrej Properties is developing residential, commercial and township projects spread across 102 million sq ft in 12 cities. In the 2013-14 fiscal, the company's net profit grew by 15% to Rs 159.4 crore, while the total income rose by 20% to Rs 1,254.2 crore compared with 2012-13.
