Godrej Properties-Hero Cycles JV to develop 1 mn sq ft commercial project in Gurugram

Godrej Properties Monday announced a partnership with Hero Cycles to develop a commercial project comprising around 1 million sq ft of office and retail space on 4 acre land owned by the latter in Gurugram.

"Godrej Fund Management, the real estate private equity arm of the Godrej Group, and Godrej Properties have entered into a joint venture (JV) with Hero Cycles for their Golf Course Road property in Gurugram," the Mumbai-based developer said in a statement.

The JV would develop, lease, and manage around 1 million square feet of prime office and retail space on the 4-acre property, it added. This will be Godrej Properties' 14th project in Delhi-NCR, which is one of the four key markets that the company is focusing on.

"The combination of Godrej Fund Management and Godrej Properties combines superior investment management capabilities with best-in-class development capabilities," Godrej Properties Executive Chairman Pirojsha Godrej said.

Watch this Zee Business video here:

"We will do our best to ensure that it becomes a landmark development in NCR," he added. The company said the project is situated in one of the most desirable commercial locations in the country. The site is in close proximity to a multitude of established and leading commercial, retail, and residential destinations.

Pirojsha Godrej is also the chairman of Godrej Fund Management, which manages over USD 1 billion of capital across four funds in residential and commercial real estate. In September, Godrej Properties announced a tie-up with Shipra group to develop a luxury housing project in Noida.