Godrej Properties-Hero Cycles JV to develop 1 mn sq ft commercial project in Gurugram

NEW DELHI: Godrej Properties Monday announced a partnership with Hero Cycles to develop a commercial project comprising around 1 million sq ft of office and retail space on 4 acre land owned by the latter in Gurugram."Godrej Fund Management, the real estate private equity arm of the Godrej Group, and Godrej Properties have entered into a joint venture (JV) with Hero Cycles for their Golf Course Road property in Gurugram," the Mumbai-based developer said in a statement.The JV would develop, lease, and manage around 1 million square feet of prime office and retail space on the 4-acre property, it added.This will be Godrej Properties' 14th project in Delhi-NCR, which is one of the four key markets that the company is focusing on."The combination of Godrej Fund Management and Godrej Properties combines superior investment management capabilities with best-in-class development capabilities," Godrej Properties Executive Chairman Pirojsha Godrej said."We will do our best to ensure that it becomes a landmark development in NCR," he added.The company said the project is situated in one of the most desirable commercial locations in the country. The site is in close proximity to a multitude of established and leading commercial, retail, and residential destinations.Pirojsha Godrej is also the chairman of Godrej Fund Management, which manages over USD 1 billion of capital across four funds in residential and commercial real estate.In September, Godrej Properties announced a tie-up with Shipra group to develop a luxury housing project in Noida.

from Economic Times https://ift.tt/2zqjXIO
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