Godrej launches new residential project in Gurgaon

Godrej Aria, Gurgaon

Godrej Properties said it was adding a new 7.5 lakh square-foot residential project in Gurgaon, marking the 12th project for the Mumbai-based company in the National Capital Region.

The company did not give much in terms of details, except to say that the project will be a “modern group housing development”.

“This project is situated in an established location within Gurgaon City and has excellent connectivity to the various key micro-markets in Gurgaon,” it said, without disclosing the location.

The company, arguably the most successful real estate player in India post the slowdown seen in the last three years, entered the NCR market five years ago.

Pirojsha Godrej, Executive Chairman, Godrej Properties said the new project fits with the company’s attempts to expand its operations across India.

Unlike competitors, the company has not been forced to go slow on its new launches despite a severe slowdown in India’s real estate market due to rising prices. The slowdown has been most severe in the NCR market, with prices declining year-on-year.

While other real estate companies have more or less stopped announcing new projects due to rising unsold inventories, Godrej Properties has kept announcing new projects, including those that are based on tie-ups with cash-strapped developers will to share their land.

The company is currently developing projects spread across approximately 14 million square meters (151 million square feet) in 12 cities.