Godrej group provides more glamour to Vikhroli
Godrej Properties, the real estate development wing of the Godrej group announced that it has entered into an agreement with G&B to build a new project on the Eastern Express Highway in Vikhroli, Mumbai. The potential area at this site will be up to 8, 00,000 sq ft and is likely consist of residences as well as a micro component of convenience retail.
Mr. Pirojsha Godrej, managing director and chief executive officer of Godrej Properties, says that in addition to this project, they now have about five million sq ft of saleable area in Vikhroli which is under different stages of implementation. This new construction will add to the scale of our operations in Virkholi and it will help us to maintain our momentum in making Vikhroli as Mumbai most preferable location.
The Godrej Properties will behave as development manager and will work with G&B on the conceptualisation, design, sales and marketing of the project. For this, the Godrej properties will get a amount equal to 10 percent of the total revenue earns from the development. The capital required for design and construction will be generated by G&B as they plays the role of owner whereas the amount required for sales and marketing will generate by the Godrej properties as they are playing the role of development manager.
The company says that the development at Vikhroli is likely to become largest real estate development in Mumbai. The developed model will used for the mixed purpose and posses sufficient amount of residential, commercial, retail, and landscaped space.
The first project under this agreement was named as Godrej Platinum with residential development of about 600,000 sq ft around four towers. Out of these towers, three towers have completely sold out and are in advance mode of development. The last tower will be launched in the next few months.
In addition to the Godrej Platinum and this new project, the Godrej properties is also constructing a 35 acre multiple use project in Vikhroli, which is known as the Trees.
Currently, the Godrej properties are developing residential, commercial and township projects which are stretched across 8.41 million sq m in 12 cities.
Source: mydigitalfc.com
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