Two-and-a-half months after taking over as the Managing Director and CEO of Godrej Properties Ltd (GPL), Mr Pirojsha Godrej, on Wednesday, said his company is looking forward to more remunerative projects despite adverse market conditions.

Talking to reporters here, he said GPL added 10 new projects to its portfolio last year and two more this quarter . The company now boasts of 77 million square feet area at various stages of development across 12 cities in India, including 27 million sq. ft. at Godrej Garden City (GGC) in Ahmedabad.

“Our Vikhroli project in Mumbai will be bigger than the GCC,” he added.

Mr Godrej who was here for a bhoomi poojan function to widen an approach road to GGC, also said his company is unlikely to reduce “competitive” prices vis-à-vis the prices in the vicinity of GCC, which, he said, offered premium housing and amenities. “So far, we have launched four million sq. ft. area for sale in five phases at GCC, and sold out 90 per cent of it. More launches are in the pipeline in the next few months and the first deliveries against bookings made two years ago will be in September 2013,” he added.

Economic slowdown

Asked about the recurrence of economic slowdown, he said it could affect the real estate business, but was confident that the sector would regain its robustness soon.

In Gujarat , GPL is looking at Surat as its next destination, but nothing has been finalised so far.

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