BENGALURU | MUMBAI: Godrej Fund Management, real estate private equity arm of the Godrej Group, is in talks with Pankaj Munjal-promoted Hero Cycles to buy a four-acre plot along Golf Course Road in Gurgaon for nearly Rs 600 crore, said two people aware of the development.
“Hero has been looking to sell the site and has given up plan for buildings hotels. Godrej Fund is in talks for 60% or may even the full asset,” the persons cited earlier told ET.
In India, high-ticket land parcels are seen in markets like Bengaluru, Gurgaon and Hyderabad, and both builders and funds are looking to acquire them. “Godrej Fund is the front runner in the transaction. Both the parties had signed term sheet and it is under due diligence,” said one of the persons quoted earlier.
Top executives at Hero Cycles and Godrej Properties declined to comment. Hero Group had earlier planned to build a 280-room, 5-star-category hotel in Gurgaon.