Godrej Properties is in talks with various firms to form a joint venture as quickly as possible, since there is huge demand coming from residential properties. It is negotiating for jointly developing residential properties and expects to announce a couple of them in the first quarter of FY12.
Godrej Properties had earlier entered into joint ventures for construction of commercial properties.
Realty sector is expecting a price correction over the next 3-4 months but Godrej Properties has no plans to cut prices while in most of their project the prices are increasing. The company expects the sales to double in FY11 on strong growth across regions and segments.
Recently, Godrej Properties acquired the entire paid up share capital of Udhay OK-Realty from HDFC Ventures Trustee Company (in its capacity as trustee of HDFC Property Fund). This is pursuant to an approval of the shareholders in the Annual General Meeting (AGM) held on July 17, 2010. Godrej Properties reported a net profit of Rs 13.25 crore for the quarter ended December 31, 2010 against Rs 17.59 crore for the quarter ended December 31, 2009, declined 24.67%.
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