Godrej Properties has bought a 27-acre plot in New Delhi’s Ashok Vihar area from the Rail Land Development Authority in a deal said to be valued at Rs 1,100 crore.
“The deal also involves construction of flats for the railways free of cost and the sale of 50% of the flats for economically weaker sections at market value,” said people aware of the deal. The payment will be spread over eight years with interest at 12%. Godrej Properties declined to comment.
“As a matter of company policy, we do not comment on market speculation,” Godrej Properties said in an e-mail response. “The other bidders included the Adani Group and Eldeco,” said one person.
Last year, the real estate arm of the Godrej Group raised Rs 1,000 crore through an issue of shares to GIC-managed investment firm Gamnat Pte to fund its growth plans.
Godrej Properties has been acquiring land directly or through joint ventures to fuel its growth plans. The company entered into a joint venture with Hero Cycles last year to develop a four-acre plot on Golf Course Road in Gurgaon.

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