Godrej plans IPO for low cost housing in next three months

Godrej Properties Ltd, 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 per cent stake in the IPO, Godrej said in an interview in Mumbai yesterday. The company also plans to sell a 3.5 per cent stake to large investors before the IPO, he said.

Cheap mortgages and accelerating economic growth in the world's second-most populous nation are 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 Rs1 million (Dh75,976), the chairman said.