Godrej Prop launches E-City in B'lore; Mumbai, Pune next

Godrej Properties  launches its new residential project E-City in Bangalore. Pirojsha Godrej, MD & CEO, Godrej Properties tell us why this is an ideal project and the future of  residential projects in India.

Pirojsha Godrej: "We currently have five projects in Bangalore and are here for the launch of the fifth, Godrej E-City. This is a residential project of about a million square feet located in electronic city. This is an ideal project for the city. The ticket prices are at a reasonable level and can be another high volume project for Godrej Properties. Even before the official launch we have been able to sell almost 100 apartments."

Below is the edited transcript of Pirojsha's interview on CNBC-TV18.

Q: What are your plans for the launch of other projects for the rest of the fiscal, not just in Bangalore but in other parts of the country as well? How many projects and million square feet would you add to your area under development at the moment?

A: Our launch calendar for the rest of the financial year is quite busy. E-City launch is the second launch in Bangalore in the past couple of weeks. There are several launches in the coming two quarters planned in Mumbai, NCR, Ahmadabad, Pune, Nagpur, and Kolkata. So across the country there will be wide variety of launches mostly in the residential space but a couple of our commercial projects will also be launched. This will substantially add to the number of projects we have underway, the amount of square footage underway. We don't comment precisely on the number of millions of square feet because that is decided closer to the launch.

Q: What is your current area under development? How much will these launches (put together) roughly add to the total number by the end of this fiscal?

A: By the end of this fiscal we will have almost double number of projects under development. So I think that is quite exciting and the good news is that it will be in variety of cities from a variety of different price points. So by the end of this financial year our revenue and income will come from quite a well diversified set of projects.

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Q: Could you comment on how much would your revenue go up by the end of this fiscal?

A: No, we would not like to comment on any specific guidance of course on financial numbers. But certainly we expect these launches to allow us to deliver fairly robust growth in revenue over the next couple of years.