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Wednesday, July 12, 2006

Godrej Properties weighs public offer

Godrej Properties is talking to real estate funds for its projects and may even consider an initial public offer, IPO at a later date reports Business Standard.

Addressing a press conference to announce the launch of CESC-Godrej Plaza, the first retail initiative from Godrej Properties, Pirojsha Godrej, manager-corporate development said the company was in talks with international real estate funds and it would be project specific.

On whether the company would consider an IPO, Godrej said a decision would be taken over the next 24 months. Godrej Industries has 80% stake in Godrej Properties.

At present, Godrej Properties has 11 million square feet under development and proposed development. Of this, Kolkata accounts for around four million square feet.

Godrej said the investment in Kolkata would be Rs 300-400 crore (Rs 3-4 billion). Godrej Properties has three projects lined up for Kolkata, two information technology (IT) parks and one mall with CESC.

The company is mostly in the residential space but is planning to diversify into commercial and retail over time.

Godrej said, over time the company would have an exposure of 50% in residential and the balance would be spread between residential and retail.

"We are primarily in the residential space now," he said. Two years back, Godrej Properties had a presence only in Mumbai and Pune but the now the company was going national would soon be in Chennai, Hyderabad and Delhi.

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