Two leading Mumbai-based real estate developers- Godrej Properties and Bombay Dyeing are leveraging joint developments for expanding their real estate business.
Godrej properties has recently acquired about 110 acres of land parcel in Nagpur to develop a residential property with a saleable area exceeding 2 million square feet. In July this year, Godrej Properties acquired two luxury group housing plots measuring about 8 acres on Gurgaon’s Golf Course Road, having a combined revenue potential of Rs 3100 crore. Prior to this in April, the realty firm acquired a 4 acre plot for developing a luxury group housing project. The proposed project will have a development potential of 750000 square feet and revenue potential of Rs 1000 crore. In March, Godrej Properties had acquired a 28 acre land parcel in Bangalore for developing a mixed-use project.
Riding high on its Rs 5200 crore land deal with Japan’s Sumitomo, Bombay Dyeing is scaling up its realty business through joint ventures and joint developments. Having a 3.5 million square feet project in Dadar, with expected revenue of Rs 15000 crore , Bombay Dyeing is now mulling its foray into high potential holiday homes and warehousing segments. It plans to develop holiday homes in hill stations of Maharashtra like Mahabaleshwar and Matheran where it has land parcels.
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