Real estate firm Godrej Properties has entered into an agreement with Oasis Buildhome, which owns nearly 14 acres in Gurgaon, to develop a premium housing project.
This would be the fourth project of Godrej Properties, which is part of Godrej Group, in the national capital region.
Godrej Properties said in a filing to the BSE that it has “entered into a development agreement with Oasis Buildhome Pvt Ltd to develop a 13.76 acre property situated on Northern Periphery Road in Sector 88A/89A, Gurgaon.’’
The project would be developed as a premium residential group housing project and is expected to offer 1.2 million sq ft of saleable area.
Godrej Properties is currently developing two residential projects in Gurgaon and has recently added a new project at Okhla in the national capital where it plans to undertake a premium housing project. This project is being done as a joint venture.
“We are happy to add this new project in Gurgaon to our development portfolio. NCR is an important growth market for us and this is the second new project we have entered in NCR in FY’14,” Godrej Properties Managing Director & CEO Pirojsha Godrej said.
The project fits well with the company’s strategy of growing its presence in India’s leading real estate markets, he added.
Godrej Properties is currently developing residential, commercial and township projects spread across 87.6 million sq.ft. in 12 cities.