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Indian Real Estate News : Bangalore
Godrej Properties launches residential project in a joint venture with Fardeen Khan
Source: ET Bureau Oct 05, 2012
Godrej Properties BSE -1.52 % on Thursday launched a Rs 100-crore residential project in Bangalore in a joint venture with actor Fardeen Khan and his sister Laila.

The premium residential property, Godrej Gold Country, will come up on 12-acre of a plot owned by the late Bollywood actor Feroze Khan in Chikkabidarakallu village on the outskirts of the city.

"The total investment in the property will be little over Rs 100 crore. We have already sold 10 per cent of the proposed villa project in Bangalore," said Pirojsha Godrej, managing director and chief executive officer of Godrej Properties, the realty arm of the Godrej group.

The Khan siblings will get 37 per cent of the profits from the project, which will include 87 villas costing upward of Rs 2 crore each. "The project was envisaged by my father. I may also take up building boutique projects, as I am inclined towards architecture," Fardeen Khan said.

The 17-acre plot includes a stud farm and a farmhouse where Feroze Khan breathed his last. As per the terms of the deal, the 4.5-acre farmhouse will remain untouched.

Godrej Properties, which is betting big on the Bangalore real estate market, plans to launch five more projects totaling 4 million sq ft over the next few months.

"Bangalore is a critical market for us, as it is one of the best performing markets in the country despite challenging times," Pirojsha said.

The company recently created an Rs 770-core residential development fund, led by global pension fund APG and SparInvest Property Investors. The money will be mainly used for residential development across Mumbai, the National Capital Region and Bangalore. Godrej Properties has a debt of Rs 1,700 crore, with a debt equity ratio of 1.2:1.

Tag: real estate of india, bangalore real estate, godrej properties,fardeen khan
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