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Godrej Properties Ltd plans to launch a super luxury residential project called Godrej Platinum, in the neighbourhood of Alipur in Kolkata in the next two months.
According to Pirojsha Godrej, Managing Director and CEO of Godrej Properties, the project will come up on an area of about 1.7 lakh sq ft entailing an estimated investment of Rs 100 crore. The project would take about 3-4 years for completion.
This will be the second residential project of the company in Kolkata after Godrej Prakriti on BT Road. The company also has two commercial projects in the city – Godrej Waterside and Godrej Genesis at Sector V in Salt Lake.
“The Alipur property will have about 40 apartments and will be targeted at the high end luxury segment,” Pirojsha said at a press meet to announce the completion of Phase I of Godrej Prakriti project. The Sodepur project, at an estimated investment of Rs 1,000 crore, is likely to be complete by 2016.
With demand for commercial real estate slowing down, the company would focus on the residential segment. The company, which is developing close to 3 million sq ft of commercial space in the city, has sold about 1 million sq ft so far. Godrej Properties has invested nearly Rs 1,000 crore on its commercial properties.
“The demand for commercial properties has been subdued due to the economic slowdown. But now with the general pick-up in the economy and with interest rates showing signs of inching down, we expect things to improve,” he said.
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