Ganesh Housing Corporation (GHCL) Flagship Company of Ganesh Group has completed acquisition of minority stake in its subsidiary- Gatil Properties from US-based Monsoon Capital for upcoming township in Godhavi, Ahmedabad.
GHCL purchased the full 31% holding of Monsoon India Infrastructure Direct II. Value of acquisition is estimated at about Rs 321 crs. i.e 3x returns to monsoon, the company said. With this Gatil Properties now becomes 100% subsidiary of GHCL.
The land spread over approximately 450 acres has a development potential area of 15.3 mn sq ft and saleable potential of over Rs 5,000 crore. The company plans villa development in the project.
The township will be launched in five different phases with the first phase being launched in the second half of the year that is FY24 itself. And we expect the entire completion of all the phases by the second half of FY29.
Monsoon Capital had invested Rs 110 crore in the equity of Gatil Properties over a period of two-three years between 2009-2012 for the acquisition and development of land for proposed township project.