Mumbai-headquartered Godrej Properties, the realty business arm of Diversified Godrej Group, plans to come out with an IPO (initial public offering), by the end of 2009-10.

It should be noted that latest decision comes at a time when the realty index in BSE has plunged 71 per cent in the last one year.

However, the company officials believe that property prices will stabilize at the current level and will not fall any further. Further, the recent hike in salary levels of Government employees, drop in property prices and cut in lending rates may support company's proposed move.

Godrej Properties was established in 1990 as a real estate development company within the Godrej Group of businesses. It has completed various projects in Mumbai and Pune. The firm is currently developing residential towers such as the Planet Godrej in central Mumbai and the Godrej Woodsman Estate in Bangalore.

The company intends to leverage its established brand image to deliver property solutions across major Indian metros.