Godrej Properties (GPL), the real estate company of the Godrej Group launched the first phase of residential units in its flagship project The Trees, in Vikhroli, a suburb on the central suburban railway network of Mumbai.
Godrej Properties (GPL), the real estate company of the Godrej Group launched the first phase of residential units in its flagship project The Trees, in Vikhroli, a suburb on the central suburban railway network of Mumbai. A mixed-use development, the project will be spread over an area of 35 acres, and will be completed over the next five years.
In the current phase, the company will build 374 apartments having a saleable area of around five lakh square feet. The apartments, which are in the premium category, are priced in the range of R17,500 per sq ft to R20,000 per sq.ft on super built-up area. This phase is expected to be complete by 2019.
The apartments will be available in one-three bedroom configurations, with carpet areas ranging from 480 square feet to 1,334 square. feet. However, penthouses will have carpet area of 2,043 sq ft to 2,465 sq. ft.
Pirojsha Godrej, managing director, GPL said that the all inclusive ticket price for an apartment in The Trees will start from R1.7 crore, while the penthouses will cost as high as R8 crore.
The project, one of the largest real estate projects in Mumbai, was in the planning stage for several years. It is spread over the land bought by the company from its sister company Godrej & Boyce in 2012 for R717 crore. Godrej Vikhroli Properties (GVPL), which is a 60:40 joint venture between Godrej Properties and Godrej Industries, on a profit-sharing basis, is redeveloping the land into an integrated urban centre. The project will have residences, corporate offices, retail and some hospitality portion as well.
Recently, the company completed the development of Godrej One, a commercial development in the project, which is also the new headquarters of Godrej Group. The company will launch subsequent phases of retail and hospitality, in due course, Godrej said.
Once completed, the project in its entirety (35 acres) is expected to be a cash cow for GPL. “Assuming that we sell everything that we build in this 35 acres, our turnover will be in excess of $1 billion. However, there will be some leasing portion in the project,” Godrej said.