Godrej Fund Management and Godrej Properties said they have entered into a joint venture agreement with Hero Cycles, which belongs to the same group as Hero MotoCorp, to develop an office complex at the cycle manufacturer’s four-acre property in Gurgaon.
The ‘prime office property’ will have around 1 million square feet of prime office and retail space, Godrej Properties said.
The announcement is the latest from the Mumbai-based developer in which it is tying up with another company for land.
The joint venture company will not only develop the complex to be located on Gurgaon’s Golf Course Road, but will also lease and manage it, the developer said.
“The project is situated in one of the most desirable commercial locations in the country affording the opportunity to create an outstanding development catering to the commercial office requirements of leading Indian and international businesses,” it noted.
The site is in the heart of the city and close to established and leading commercial, retail and residential names in Gurgaon.
Pirojsha Godrej, Executive Chairman of Godrej Properties & Chairman of Godrej Fund Management called it an “outstanding location.”
“The combination of Godrej Fund Management and Godrej Properties combines superior investment management capabilities with best-in-class development capabilities,” he said.
Godrej Fund Management Godrej Fund Management (GFM) is the real estate private equity arm of the Godrej Group. GFM manages over US $1 billion of capital across four funds in residential and commercial real estate.
The two companies have teamed up for projects in the past as well, including the Godrej Two tower in Vikhroli.
Godrej Properties is one of the oldest real estate companies in India and has a history of over 121 years.
The company has not only weathered the real estate slow down in India, but has been successful in using the crisis into an opportunity by snapping up land from and forging partnerships with cash-strapped companies.
Hero Cycles is led by Pankaj Munjal, son of OP Munjal, the founder of the Hero group of companies.