In June 2013, Godrej Properties had announced its foray into the Delhi property market by signing a development agreement with Southend Infrastructure for a 5-acre luxury group housing project at Okhla. The company is performing well despite the slowdown in real estate market, Godrej said, adding that it will launch more projects than last fiscal when it launched 10 new projects or new phase of existing projects He said the company will continue with the strategy to add projects through JVs and won't opt for outright land purchase.
On the overall realty market, he said: "Residential Properties is bit slow at the moment. NCR in the last six month was the slowest." Last week, Godrej announced an investment of Rs 150 crore to develop a new housing project in Gurgaon. The company would develop 306 apartments in this project, which is spread over 4.5 acre and has a saleable area of 5 lakh sq ft. Mumbai-based Godrej Properties is developing housing, commercial and township projects in 12 cities with 100 million sq ft development potential, of which 20 million sq ft is under construction. In 2012-13 fiscal, the company's net profit stood at Rs 138.4 crore on a revenue of Rs 1,047.6 crore.