The Rs 7,500-crore Godrej group is planning to adopt an integrated development strategy on real estate, after the state government repealed the Urban Land Ceiling (Regulation) Act (Ulcra).
"By integrated development, we mean, residential, hospitals, health care, offices, IT, etc," Godrej group chairman Adi Godrej told TOI. "This may also include revival of the group's plans to build a world-class exhibition centre, a proposal which has been pending for very long. We have constantly been in dialogue with the government on the same. We are trying to convince them to modernise the regulatory framework.
We can only proceed with these plans once we are clear on the awaited regulatory policy of the government. For instance, we would like a change in the FSI (floor space index) regulations so that it is raised to what exists in other developed cities in the world. We expect this will follow, since Ulcra has been repealed," said Godrej.
The exhibition centre would be a first of its kind in India, surrounded by services like hotels. The Godrej group, which owns huge tracts of land across the country, is not keen on getting into hotels since the group does not have the expertise to do so. Thus, leading hotel companies could be offered a chance to develop the same around the exhibition centre.