Godrej Properties to Focus on Residential Space

Mumbai: Bullish on improvement in the real estate sector in the next couple of months, Godrej Properties, the real estate arm of Godrej Group, plans to continue its focus on residential space, a top company official said.

"Though there is negative sentiment among buyers at present, the demand for houses will continue to grow, which is a huge opportunity for developers like us. We will continue to remain very much focused on the residential space," Godrej Properties (GPL) managing director and chief executive Pirojsha Godrej said.

Of the 10 deals that the company signed last fiscal, only one was in the commercial space, at Bandra Kurla Complex.

"Going forward, the entirety of our business will be focused on residential space," he said, adding, "It is not that we feel the commercial space will not do well, but given our current portfolio, we think we have a significant exposure to this segment."

"Financing for residential projects is much easier than commercial projects. In residential, construction can be financed by customer advances. That is the key for scaling growth."

GPL plans to launch 15 projects this fiscal, he said, adding that these will primarily be residential projects.