Godrej Fund in talks with Hero Cycles to buy Rs. 600 crore plot in Gurugram

Godrej Fund in talks with Hero Cycles to buy Rs. 600 crore plot in Gurugram

Godrej Funds from the house of Godrej Group and Hero Cycles are two commercial giants, who have come together for a property transaction of about 600 INR in Gurugram district of Haryana. With various companies eyeing on the project, Godrej Funds are in talks with Hero Cycles to purchase a 4-acre plot alongside Gold Course road of Gurugram. It has come to the public notice that Godrej Funds and Hero Cycles  As a huge investment, Godrej Funds plan to develop a commercial building on the said plot and conduct business from there.

Throwing further light over the commercial transaction taken place amongst Godrej Fund and Hero Cycles, there is a strong possibility that Godrej might either go for a 60 percent share or even full-house share over the aforesaid asset. In fact, the need to acquire high-ticket land parcels has enabled both the parties to connect for the sale and purchase of a huge plot in Gurugram. With growth prospects becoming prominent in the commercial sector, investments in real estate business is mounting. This has initiated Godrej funds to seek interest in a large property at Gurugram. Also, both the companies have signed a mutual term sheet, which has been under due diligence.

Now that the introduction of RERA and REITs has cleared the way for methodical investments, the purpose and mode of the transaction have become perfect. Concerning the commercial transaction between Hero Cycles and Godrej Funds, Hero Cycles have proposed the construction of hotels on the 4-acre plot at Gurugram.  With an idea to build a 5-star property on the plot of Gurugram, Hero Group has a plan to foray into the world of hospitality.

On being asked by the media over the particular commercial transaction, the top executives of Hero Group and Godrej Funds have refused to comment. It is because they wanted to keep everything under the tight wraps and do not wish to speculate anything on the deal. 

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