Godrej Properties is planning to launch its new project in national capital Delhi by March 2023, the company said in a statement on November 28, 2022.
To be built in north-west Delhi’s posh locality Ashok Vihar, the luxury project is expected to generate Rs 8,000 crore revenue sale revenue for the Mumbai-based developer. The Ashok Vihar project is likely to be a big contributor as the company chases Rs 10,000 crore sales bookings target for 2022-23. The Delhi-NCR housing market contributed nearly 40% to the company’s total sales bookings in last financial year.
The company has acquired a 27-acre land parcel for this project for Rs 1,359 crore in 2020 from rail land Development Authority and is currently waiting for approvals from various authorities to start the construction work. Yet to be named, the housing project will have a development potential spanning four million square foot.
“There has been a good progress on the approvals. We are still hoping for a Q4 launch (January-March),” Godrej Properties executive chairman Pirojsha Godrej told news agency PTI. “Sales are the least of my concerns in this project. We just need to get the project going… I am sure we will be able to do well from sales perspectives,” he added.
