Home Luxury brand Godrej Properties and TDI Group Joint Venture for a Luxury Residential Project in Connaught Place, Delhi

Godrej Properties and TDI Group Joint Venture for a Luxury Residential Project in Connaught Place, Delhi

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has entered into a joint venture with real estate developer TDI Group to develop an ultra-luxury residential project in Connaught Place, one of the prime locations in New Delhi’s central business district.

The project is estimated to have a development potential of around 1.25 lakh of salable area comprising mainly residential apartments of different configurations.

“As we continue to strengthen our presence in Delhi, we are pleased to add this project to one of the most desirable locations in downtown Delhi. This will be our third project in Delhi and will further expand our presence in major Indian cities, ”said Mohit Malhotra, Managing Director and CEO of Godrej Properties.

The proposed project site is centrally located and offers good connectivity, well-developed social and civic infrastructure with the best schools, hospitals, shops and commercial spaces in Delhi close by.

“We are proud to be associated with Godrej Properties to realize this luxury project and we look forward to this association,” said Kamal Taneja, Managing Director of TDI InfraCorp.

The Godrej group company seeks to leverage its brand and financial position to exploit consolidation opportunities in distress situations arising in the real estate industry.

In November, the company acquired a quality 16-acre plot of land in Bangalore’s fastest growing micro-market, Sarjapur, to develop a housing project for middle-income people.

Industry experts believe that the ongoing market consolidation in favor of large established developers will accelerate due to their better execution capacity and access to liquidity in the current market environment than that of small developers.

The company has raised funds to promote consolidation with the use of additional capital and to significantly strengthen its development portfolio.

Last year Godrej Properties raised Rs 1,000 crore through non-convertible debentures on a three-year private placement basis at 7.5%. Prior to that, he had raised Rs 2,100 crore last year through Qualified Institutional Placement (QIP).

In March of this year, the developer raised Rs 3,750 crore with another QIP of 25.9 million shares to global investors including Goldman Sachs Funds, the Singapore government and Invesco Oppenheimer Developing Markets Fund.