Godrej Prop to invest Rs 600cr on new project in Gurgaon

Godrej Properties  today said it would invest up to Rs 600 crore in developing a residential complex in Gurgaon over the next five years.

"This is our second project in the National Capital Region. We will invest Rs 500-600 crore on this in the next five years," Godrej Properties Ltd (GPL) Managing Director and CEO Pirojsha Godrej told reporters here.

The project -- Godrej Summit, will be developed in partnership with Zara Sanya under an area sharing agreement, in which GPL will hold 65% stake, he added.

"We will construct about 1,200 flats in 11 towers. The price of the flats will start from Rs 75 lakh," Godrej said.

The company is expecting a total revenue of Rs 1,200 crore from the project.

GPL had earlier launched its first project in Gurgaon -- Godrej Frontiers -- in 2010.

Real estate investor Sun Apollo is the financial partner in the new project.