Mumbai-based Godrej Properties has joined hands with Hero Cycles to develop a commercial project. According to the announcement made on Nov. 26, the said project will comprise of 1 million sq ft of office and retail space on 4-acre land owned by Hero Cycles in Gurugram, NCR.
Following the announcement of the signing of joint venture agreement, Godrej Properties’ shares gained 2 percent intraday. This will be the company’s 14th project in Delhi NCR.
Needless to say that the project is very aptly located on Golf Course Road, one of Gurugram’s prime locations. The site is in close proximity to a multitude of established and leading commercial, retail, as well as settled residential destinations.
“Godrej Fund Management, the real estate private equity arm of the Godrej Group, and Godrej Properties have entered into a joint venture (JV) with Hero Cycles for their Golf Course Road property in Gurugram,” Money Control quoted the firm as saying.
Godrej Properties Executive Chairman Pirojsha Godrej also added that the combination of Godrej Fund Management and Godrej Properties will do their best to ensure that the project becomes a landmark development in NCR. He is also the chairman of Godrej Fund Management, which manages over USD 1 billion of capital across four funds in residential and commercial real estate.