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Godrej Properties Ltd (GPL) on Saturday said it will invest $1.5 billion (Rs 9,000 crore) in 15 new projects in the next 10 years in the country.
Five of these projects have been launched this year.
The company has already invested nearly Rs 1,000 crore on its biggest-ever project in the country Godrej Garden City (GGC) in Ahmedabad, said Phirojsha Godrej, Managing Director and CEO. Overall, GGC and its local joint venture partner Sri Siddhi Developers, have invested $1 billion (Rs 6,000 crore) in GGC.
GPL also announced to deliver this month 624 apartments in 13 towers in GGC, launched in 2010.
GGC, a world-class integrated township master planned by the US-based Skidmore, Owings and Merrill (SOM), designers of numerous global landmarks including the Burj Khalifa of Dubai, has been supervised by Larsen and Toubro (L&T) in construction, he said.
“Despite the challenging economic conditions, we sold in Ahmedabad much more than elsewhere due to relative price stability here. We sold almost 85 per cent in phase-I of GGC, 20 per cent of which (one million sq ft) is now being delivered,” he said.
However, GPL has no immediate plans for a second project in Gujarat.
The weakening of the rupee and other reasons have encouraged NRIs to buy properties in Ahmedabad. While 10 per cent of apartments at GGC were bought by them in phase-I, 15 per cent have been bought subsequently, Godrej said.
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