Godrej, Hero Cycles in JV to develop 1 m sq ft office space in Gurugram.
November 27, 2018
Godrej Properties and Godrej Fund Management, the real estate private equity arm of the group, have entered into a joint venture agreement with Hero Cycles to develop one million sq ft of prime office space in Gurugram in the National Capital Region (NCR).
The JV will develop, lease, and manage the prime office and retail space on the four-acre Golf Course Road property owned by Hero Cycles.
“Godrej Fund Management and Godrej Properties together combine superior investment management capabilities with best-in-class development capabilities. We will do our best to ensure this development becomes a landmark in NCR,” said Pirojsha Godrej, Executive Chairman, Godrej Properties and Chairman, Godrej Fund Management, said in a statement.
The project is situated in one of the best commercial locations in the country, catering to office requirements of leading Indian and international businesses. The site is in close proximity to a multitude of established and leading commercial, retail, and residential destinations, the statement said.
GFM manages over a billion dollar of capital across four funds in residential and commercial real estate. Godrej Properties is looking at penetrating deeper only in top four markets of Mumbai, Bengaluru, NCR and Pune. The JV will strengthen Godrej’s presence in the NCR market.