Adi Godrej to put Rs5000 crore into Ahmedabad

Ahmedabad: Scores of affordable homes, costing about Rs25 lakh each, may soon settle in Ahmedabad, in what could be the most ambitious business foray the city has ever seen.

The homes will be developed as part of a Rs5,000 crore project –spread across 300 lakh sq ft — planned by Godrej Properties, a real estate vertical of the Godrej group. Adi Godrej, the Godrej Group chairman, said that the construction for the project would begin soon.Industry experts believe that when the project materialises, it will be the largest ever of its kind in Ahmedabad. Till now, the Rs1,000 crore residential project of the Sahara City Homes represents the city’s biggest township project.

Godrej, who visited the city to preside over the Nirma university convocation, told DNA, “Considering the demand for affordable homes in Gujarat, Godrej will develop a huge residential project.” He said his company had signed an MoU with the state government for the project during the Vibrant Gujarat summit.

Godrej said the project would incorporate commercial and retail complexes. “We will go for private land acquisition and ensure that the project will come under the Ahmedabad Municipal Corporation (AMC) area between Ahmedabad and Gandhinagar,” Godrej said.

In the Vibrant Gujarat Summit 2009, the company had signed an MoU for developing integrated mixed-use township project in Ahmedabad. “We want to offer houses for around Rs25 lakh,” Godrej said. As for the funding for the project, Godrej said, “Most of funding will come through bookings and the rest will be financed through internal accruals.”

Source: DNAINDIA