Godrej Properties will need to raise equity capital to meet growth plans, says company’s chairman Adi Godrej. “Quantum of funds raised will depend on market conditions. We are waiting for conditions to improve,” he adds.
In an exclusive interview to CNBC-TV18, Adi Godrej, Chairman of Godrej Properties says that they have entered into an agreement with Godrej and Boyce to act as development manager for their projects in Vikhroli.
Merrill Lynch has downgraded the realty sector. It expects Mumbai residential prices to fall 15-25% very soon. However, Adi Godrej, chairman and managing director of Godrej Group doesn’t expect prices to come down much in Mumbai. “In commercial, there is a bit oversupply, but not in residential.”
On Friday, Godrej Properties signed a deal with Jet Airways to develop one if its properties in Bandra-Kurla Complex (BKC) in Mumbai. In an exclusive interview to CNBC-TV18, Adi Godrej, Chairman of Godrej Industries said that the deal will be carried out through a special purpose vehicle called Godrej Buildcon.
Despite the slowing trend in the real estate market, Adi Godrej, chairman of Godrej Group expects a strong growth in its property business in this fiscal (FY12). "We will announce several new projects this year," he told CNBC-TV18 in an exclusive interview.
Adi Godrej, chairman and MD of Godrej Consumer in an interview with CNBC-TV18 citing expectations from the relaunched range of Godrej Expert hair colors said, "We expect very strong traction in our hair color business from this relaunch."
Adi Godrej, chairman of Godrej Properties feels that the government has taken a good move but there is no reason why the country should put restrictions in FDI in any field.
Pirojsha Godrej, ED, Godrej Properties, told CNBC-TV18 about the first project coming out of Vikhroli called ‘The Trees.’ “It is a 60:40 profit sharing JV agreement between Godrej Properties, which will get 60% of the profits and Godrej Industries, which will get 40% of the profits.