Pirojsha Godrej was in Ahmedabad for the formal inauguration of Godrej Garden City on Sunday, and that is where he voiced his thoughts on the present real estate scenario in the city.
Property prices are sky rocketing in Ahmedabad, leading to a dearth of affordable housing. And Pirojsha Godrej, executive director of Godrej Properties, opines that the government needs to step in, by giving incentives to developers for building affordable houses.
Godrej was in Ahmedabad for the formal inauguration of Godrej Garden City on Sunday, and that is where he voiced his thoughts on the present real estate scenario in the city.
Godrej feels that volume of housing is proportional to how affordable it is, and that is why Godrej aims to grow on the basis of volume. "If the government can give incentives for building IT parks, it should also give incentives to real estate developers for building affordable houses in the city," he said.
Adi Godrej, chairman of Godrej Properties, demanded a higher Floor Space Index (FSI). He also said that there must be single-window clearance for townships, wherein the developer
need not take multiple clearance, from various authorities. "It will make the process faster and will ensure early implementation of projects," he said.
Godrej also stated that India, on the whole, has a low FSI. "The government should create a better support system, for growth of real estate in the city," he said.
Godrej Properties had announced the inauguration of its 'Godrej Garden City' at Jagatpur much earlier. However, the formal inauguration ceremony was completed on Sunday, in presence of chief minister Narendra Modi. The company has already sold more than 1,000 units in two phases of booking, before the formal inauguration of the township.
Now, the third phase of the booking, with around 2,000 units on offer, will open very soon. The whole township is spread across 250 acres of land. The company plans to build around 13,000 flats and villas within the next 10 years.
Speaking about the delay in the formal inauguration of the township, Godrej
said that the Gujarat government changed their township policy, and hence they needed to make modifications accordingly. He also accepted that there were some problems in getting the township approved, but those were resolved and the approval was obtained.
Milind Korde, managing director of Godrej Properties, said that the company had earlier aimed to bring in an integrated township, but it will now be a residential township.
Godrej marketed its townships in foreign countries such as the US, UK and Australia along with African countries, through a brokers' network. Godrej also said that they will explore the option of redevelopment of slums in Ahmedabad and also explore the real estate market in Surat.
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