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    Godrej Properties: Excited to enter Sonipat; plan to enter tier-II cities via plotted developments

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    Godrej Properties: Excited to enter Sonipat; plan to enter tier-II cities via plotted developments

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    Godrej Properties’ Mohit Malhotra on Wednesday said that the real estate major’s fourth quarter has been the strongest quarter for the company historically.

    Godrej Properties’ Mohit Malhotra on Wednesday said that the real estate major’s fourth quarter has been the strongest quarter for the company historically. The company has taken price hikes of 3-7 percent across portfolios, while also adding that Godrej Properties have a strong pipeline of new deals in Mumbai.
    “We look at sales in terms of value. So Q4, historically, has always been the largest for the company and our intention, as a team, is to beat the previous record. So all set to try and bet the last Q4 (FY21) and create a new benchmark,” Malhotra told CNBC-TV18.
    Malhotra also said that the company would like to enter new markets via plotted development and they are looking at opportunities in the vicinity of all our major markets.
    “Very excited to enter the Sonipat (NCR) market. This has been on the radar. We would like to enter a new market and plotted development is the way we would like to enter these markets. So this is one of the many such opportunities which will come in future,” he said.
    On the Sonipat project, the Godrej Properties MD & CEO said that this new project marks our entry into the Tier-II cities. He further reiterated that our strategy is to enter Tier-II cities via plotted developments.
    “The infrastructure development has happened in Delhi and practically these are, now one can consider as, outskirts of Delhi; very well connected through highways, metro connectivity coming in. so we are looking at opportunities in the vicinity of all our major towns whether it is Delhi or Mumbai, Bengaluru, Pune. So the key towns which are well connected to the core cities, we are looking at plotted developments in these cities and Sonipat is first in this line of strategy,” he told CNBC-TV18.
    The Maharashtra state government is planning to impose the 1 percent metro cess on property transactions from April 1, 2022.
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