Osho Commune foray into real estate

The Times of India
September 30 2001

UNE: What has Osho’s philosophy got to do with real estate development? Plenty of money seems to be the most obvious link, given Osho’s emphasis on “five-star” existence and the commune’s prime properties valued at crores of rupees.
For the first time since its establishment in the 70’s, the Osho Commune International here has commercially used one of its prime properties in Pune’s plush Koregaon Park area.
The commune, through its company — Zen Properties Ltd — has entered into a joint venture collaboration with Godrej Properties and Investment Ltd and erected one of India’s most modern office complexes.
The swanky black-and-blue coloured “Godrej Millennium” complex next to Hotel Blue Diamond, is offering space at Rs 4,000 per square feet. Constructed at a cost of Rs 20 crore by using ‘‘flat slab technology’’ the five-storeyed building will house 30 offices, six showrooms and a double- basement car-park, according to Amit Choudhury, managing director and CEO of Godrej Properties.
Companies such as New York Max Life, BNP Paribas and Suzlon Energy are among those with offices in the building whose exterior is coated with black granite powder to give “an elegant stone finish.”
Speaking to this correspondent, K P Sudhir, assistant manager (Marketing) of Godrej Properties, said that the company had entered into a “profit- sharing agreement with Zen Properties.”
He, however, declined to give details of this arrangement while stating that the land on which the building was erected belonged to Zen Properties.
Osho Commune’s spokesperson Prem Richa told The Times of India that the land and the building “are owned by us and have been given on contract to Godrej.”
Richa said that the purpose of the joint venture was to raise money for the commune’s five-star 60 room “guesthouse” and a nine-storeyed Osho auditorium which were under construction behind the Millennium complex.
While the ground floor of the five- storeyed state-of-the-art complex measures 14,000 square feet, the other floors measure 18,000 square feet each.
She said that the black-and-blue colour of the buiding was similar to that of the commune’s other buildings spread over nearly 25 acres of land in Koregaon Park.

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