Soon, Godrej to launch fifth phase of township project

Godrej Properties Limited (GPL) is all set to launch the fifth phase of Godrej Garden City township project here soon. It will build 1,200 new apartments in this phase, said a company official. The firm has already sold 90 per cent of the 3,330 apartments launched in the earlier phases in the city.

"This is one of our largest and important projects," Pirojsha Godrej, managing director of GPL, said while talking about the project which has been the biggest contributor to the company's revenues in financial year 2011-12.

"In the fifth phase, which will be launched during this financial year, we will sell about 1.8 million square feet of space. We have already sold 90 per cent of the four million square feet launched in the earlier phases," said Godrej, adding, the apartments were currently selling at Rs 3,300 per square feet.

Godrej has already sold 2,900 of the 3,300 apartments launched so far. During the financial year 2012, out of the total income of Rs 819 crore, Godrej Garden City contributed 29 per cent (Rs 240 crore), the largest among all other projects, to the GPL earnings.

This project in the city has outperformed the company's projects in other big property markets including Bengaluru, Kolkata, Mumbai, Pune, Chennai, Chandigarh and Gurgaon.

However, when the fourth quarter revenues (2011-12) from the Ahmedabad project (Rs 59 crore) is compared with the third quarter earnings (Rs 82 crore) for the same fiscal, then one can notice a 28 per cent per cent dip in earnings from the project.

However, Godrej denies a dip in earnings. "Our bookings and revenues from this project are stable and our market share in Ahmedabad is constant," the CEO said during his visit to the project site on Tuesday.

"Our project in Ahmedabad is on schedule and we will be handing over the first homes in this project in September 2013," he said.

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