Godrej Properties, controlled by Indian billionaire Adi Godrej, plans an initial share sale in the next three months to fund low-cost housing projects.
Godrej Properties will sell a 10% stake in the IPO, Godrej said in an interview in Mumbai today. The company also plans to sell a 3.5% stake to large investors before the IPO, he said.
Cheap mortgages and accelerating economic growth in the world’s second-most populous nation is attracting home buyers in India, which has a shortage of 24.7 million housing units. Godrej Properties is planning to build homes priced at as little as 1 million rupees ($20,650), the chairman said.