In order to strengthen its realty arm in NCR, Godrej Fund Management, real estate private equity arm of the Godrej Group may acquire a 600 crore plot of Hero Cycles in Gurugram. As per company sources, top executives of both the companies are in talks with each other to finalize this deal.
The 4-acre plot is located along Golf Course Road in Gurugram and comes with a hefty price tag of nearly Rs 600 crore. Sources said, “Hero has been looking to sell the site and has given up a plan for buildings hotels. Godrej Fund is in talks for 60% or may even the full asset,”
Currently, in India high-ticket land parcels have become a popular land transaction among top builders as well as fund management companies. These plots are mostly available in big cities like Bengaluru, Thane, Navi Mumbai, Gurugram etc.
Sources further added that Godrej Fund is the front-runner in the transaction. Both the parties had signed a term sheet and it is under due diligence. It has been revealed that earlier Hero Group was planning to construct a 280-room, 5-star-category hotel on the same plot in Gurugram.
Recently, Godrej Properties has also teamed up with Shipra Group to develop their fourth residential project in Noida. The premium residential project will be developed in sector-43 nearby Noida Golf Couse and will further strengthen the company’s presence in NCR region. Currently, the group is developing residential, commercial and township projects spread across approximately 14 million square meters in 12 cities.
Godrej Properties is known for their innovation, sustainability, and excellence in the real estate industry. Each Godrej Properties development combines a 121–year legacy of excellence and trust with a commitment to cutting-edge design and technology.