Torbit Spotlight 23 July 2023

Godrej to Develop Luxury Projects Worth Rs 3100 Crore Revenue in Gurugram 

Vinod Behl

Leading developer Godrej Properties Limited (GPL) has invested about Rs 900 crore to buy land for its two upcoming luxury housing projects on upscale Golf Course Road.

Godrej has acquired two separate land parcels from Haryana Shahari Vikas Pradhikaran (HSVP) in an e-auction. The company plans to develop two prime residential projects spread over 2.76 acres and 5.15 acres respectively with a combined revenue potential of Rs 3100 crore. Last year also, GPL had acquired a 7.15-acre piece of land at Golf Course Road from Acreage Builders at an enterprise value of Rs 322.50 crore.

Godrej Properties has been focusing big time on Delhi-NCR including Gurgaon and Noida as part of its expansion plans. It has adopted a two-pronged development strategy through outright purchase of land and joint development with land owners. In 2022, it had acquired a 9-acre land parcel close to Golf Course Extension Road, Gurgaon (SPR) to develop a premium residential project of 16 million sq ft with sales potential of Rs 2500 crore.  The company also entered into a partnership with a land owner for developing a housing project over 14.27 acre with a sales potential of Rs 3000 crore.

Godrej already has more than dozen residential projects to its credit in Gurugram. These include Godrej Meridien, Godrej Prive and Godrej Grandeur in Sector 106 Godrej Summit, Godrej Premia, Godrej Signature Homes in Sector 104, Godrej 101 and Godrej Aria in Sector 79, Godrej Air in Sector 85, Godrej Habitat in Sector 3, Godrej Icon Sector 88A, Godrej Frontier, Sector 80 and three projects in Sector 33 Sohna-   Godrej Crown, Godrej Serenity and Godrej Nature Plus.

All these developments will help Godrej Properties significantly increase its market share in Gurugram which is its prime market for future developments in Delhi-NCR.

Along with Gurgaon, GPL has been doing a lot of developments in the Noida market. Towards 2022 end it acquired two land parcels totalling 12.4 acres in Noida for Rs 377 crore. The company had earlier undertaken Godrej Nest, Godrej Woods, Godrej Nurture 1-2, Godrej Palm Retreat 1-2, Godrej Solitaire, Godrej Woods Plumeria, Godrej Woods Evergreen Godrej Woods Regia and Godrej Bliss residential projects.

Besides Delhi- NCR, the prime markets of Mumbai Metropolitan Region (MMR), Pune, Bengaluru, have been the focused markets for future developments. As part of its mega expansion plans, the realty major is aiming to invest USD $1 billion.

Saya Group Announces   Rs 100 crore Studio Apartments Project

NCR’s prominent developer, Saya Group has announced the launch of a unique project- Biztop Business Suites in the form of premium, fully furnished studio apartments in Greater Noida West, blending work and leisure and combining functionality, comfort and convenience for entrepreneurs. Part of the under-construction Saya South X mall, these 300 plus studio apartments will be constructed at a cost of Rs 100 crore while the total cost of this mixed-use development will be Rs 450 crore.

To be built from 7th to 25th floor, these studio apartments will be equipped with state-of-the-art facilities- a 16000 sq ft club area, all-weather swimming pool, billiards room among others. The three-side open location on Ek Murti Chowk in Greater Noida West offers excellent connectivity and great commercial developments in the neighbourhood. Both Noida International Airport and Hindon Airport are just a 45 minutes’ drive. Moreover, it has fast connectivity to FNG Expressway, Eastern Peripheral Expressway and Delhi- Meerut Expressway while the proposed metro station is across the street. The surrounding area has world-class developments in the form of IT campuses and data centres including IBM SEZ/ITES, Accenture and Google, besides hospitals.

According to Vikas Bhasin, Managing Director, Saya Group, the Biztop studio apartments are meant to provide an extravagant experience to entrepreneurs in the form of work-life integration. These business suites are designed to meet the evolving needs of investors and end-users with an expectation of high returns.

The shopping mall with a 6-screen multiplex will be ready for fit outs towards the end of the year and is likely to be functional early next year. The entire project including Biztop suites, with a total built up area of 8.75 lakh sq ft over 3 acres, is expected to be ready by 2025.

Max Estates’ Maiden Residential Luxury Project Tops Rs 1800 Crore Pre-Launch Sales

Max Ventures & Industries Limited’s (MaxVIL) real estate arm, Max Estates, has achieved pre-formal launch sales of over Rs 1800 crore for its first luxury residential project- Estate 128, located in Sector 128, Noida.

Spread across 10 acres and 3 highrise towers, Estate 128 houses 201 units anchored in organisation’s LiveWell philosophy. With 80% green spaces and a unique landscape that retraces the journey of a river through multiple terrains, diverse biophilla and art installations, the development has been designed to encourage engagement and interaction among residents. The project also features large expansive decks in every unit, designed for a bespoke outdoor experience which provides uninterrupted serene views overlooking the central green landscape and green belt of the expressway. The amenities in the project are carefully designed for holistic well-being. The Hub at Estate 128’, admeasuring 46000 sq ft , encompasses state of the art indoor and outdoor amenities including swimming pool , spa, sports facilities, multipurpose hall, dining among others.

According to Sahil Vachani, MD & CEO, of MaxVIL, Estate 128, part of Max Estate’s LiveWell & WorkWell philosophy strengthens company’s resolve to deliver differentiated experiences across Delhi-NCR. Max cEstate’s aspiration is to scale the portfolio by at least one million sq feet each in residential and commercial asset classes every year to emerge as the most-preferred developer in Delhi-NCR.   Rishi Raj, COO, Max Estates adds that over the past 18 months, Max Estates has built a development portfolio of 8 million sq ft as a part of company’s ‘one region, multiple asset class’ strategy. This strategy has paid off well by way of well- diversified portfolio in terms of geographical footprint, asset classes and risk spectrum including delivered, nearing completion and under design.

The construction at Estate 128, is expected to start by Q3 CY 2023 and achieve completion in 48-60 months, well within committed RERA timelines.

Merlin Group’s Tallest Luxury Condo in North Kolkata 

Kolkata’s leading real estate company- Merlin Group has come up with North Kolkata’s tallest and unique luxury condo- Serenia on BT Road with premium amenities, offering a sky-high experience of rare panaromic views and boundelessness.

A joint venture between Eden Realty and Merlin Group,Serenia  will spread over an area of 4.5 acres  across 4 towers, with  saleable area of 989491 sq ft,  offering panaromic views of  vast expanse of greenery and a pristine lake  surrounding it. The 832 spacious and elegant airconditioned apartments of 2-4 BHK units, ranging from 732 sq ft to 1454 sq ft are priced between Rs 63 lakh to Rs 1.25 crore.

The project has a superior location with airport just 30- minutes away and convenient access to other key destinations like railway stations, schools, colleges and hospitals. The metro stations of Noapara and Baranagar are within close proximity while Dumdum and Dakshinneswar railway stations are just a few kilometers away. The location is well-connected to central business district and New Town and Sector V, making it a preferred choice of IT professionals.

Open on all three sides, the space knows no limit. The balcony and open terrace blend seamlessly, blurring the boundaries between rooms and inviting a sense of freedom and fluidity. The abundant use of glass would usher in sunlights to sneak in and fill each corner with warmth and positive energy. There are amenities galorein this gated community. From rooftop gardens to sprawling pools seem to merge with the horizon while the skywalk adds to the boundlessness. The state-of-the art fitness centres and recreational areas like club houses, amphitheatre, lounges, yoga deck and jogging trail, make this project truly unique. According to Saket Mohta, MD, Merlin Group, Serenia will break the confines of homogeneous environment with a feel of boundlessness and unhindered solitude. With itsimpeccably designed residences and a wide array of lifestyle amenities, Serenia is set to not only redefine city’s skyline but also the benchmark of quality living.  The project will be completed by 2028.