 "Pirojsha Godrej")
This is a modified version. Please see clarification at the end.
The 118-year-old Godrej Group, biggest landlord in Mumbai, on Thursday started monetising its real estate in the Vikhroli area, wherein it holds around 4,000 acres of land.
Godrej Properties, helmed by group patriarch Adi Godrej’s son, Pirojsha, on Thursday said it was launching a 34-acre mixed- use development. ‘The Trees’ in Vikhroli, on the eastern suburbs, is touted as one of the biggest real estate developments in the city.
The project is expected to garner $1 billion (Rs 6,600 crore) over the next five to six years, when the project is expected to finish. The project is close to eco-sensitive mangroves, which are privately controlled by the group.
The project will have 9.4 acre of commercial towers, which include Godrej One, the completed building Godrej One, the group’s headquarters, and yet to be launched commercial building. It will have 6.7 acres of residential properties, private park and a clubhouse.
The 9.2 acres mixed use component will have a 5-star hotel, high-end retail and residential towers. Godrej Properties on Thursday announced the launch the first phase of residential apartments, which consists of 374 flats with an area of 0.5 milion sq ft. The apartments will range from 450 sq ft one-bed room apartments to penthouses of 2,400 sq ft.
The apartment prices will start from Rs 1.7 crore and penthouses around Rs 8 crore, Managing Director Pirojsha Godrej said. This is the third launch in Mumbai metropolitan area, the other two being in Byculla in South Mumbai and Badlapur, on the outskirts of the city.
An analyst tracking the company said with the recent success of Oberoi Realty’s launch in Borivali, a western suburb of Mumbai, the Godrej’s launch will be a litmus test for the company and Mumbai property market.
In the first half of FY16, the company surpassed sale of entire 2014-15 and the Q2 saw highest ever booking for the company, Godrej properties said earlier.
CLARIFICATION
An earlier version of this article misstated Godrej Group is a 128 years old company. It is actually 118 years old Group.
