According to Pirojsha Godrej, MD & CEO, Godrej Properties, the phase II sales figures have been good. He expects average realisations for phase II to be at least 10 percent higher than that of phase I.
"The Trees is one of the largest real estate projects in Vikhroli, Mumbai. This second phase of residences contains a total of 256 apartments with a saleable area of approximately 32,000 square meters (3,44,000 square feet)," says the Mumbai-based real estate company in its filing.
Pirojsha Godrej, MD and CEO, Godrej Properties, sees Rs 700 crore revenue potential from the second phase, with average realisations at Rs 20,000 per sq ft. Additionally, 93 percent of the first phase was sold out within a month of its launch
It has sold 300 apartments within one week, which represents more than 80 percent of the 374 apartments (with a saleable area of approximately 5 lakh square feet) it opened for sale in the first phase of this project, the company says in its filing.
"The real estate development arm of the Godrej Group today launched its flagship project, The Trees that has an area of 34 acres," the Mumbai-based real estate developer says in its filing.
Mumbai-based real estate developer Godrej Properties said the potential saleable area in this project would be up to 8 lakh square feet and was likely to comprise of premium residences as well as a small component of convenience retail.
Godrej Properties on Monday announced the launch of its mixed-use project 'The Trees' in Vikhroli, Mumbai. Talking about the project Pirojsha Godrej, ED, Godrej Properties, said, "It is a 60:40 profit sharing JV agreement between Godrej Properties, which will get 60% of the profits and Godrej Industries, which will get 40% of the profits."
Godrej Properties Ltd, the real estate development arm of the Godrej Group, announced the launch of its mixed use project, The Trees, located in Vikhroli, Mumbai. At 2.8 million square feet, this is one of the largest real estate development projects in the city.
Pirojsha Godrej, ED, Godrej Properties, told CNBC-TV18 about the first project coming out of Vikhroli called ‘The Trees.’ “It is a 60:40 profit sharing JV agreement between Godrej Properties, which will get 60% of the profits and Godrej Industries, which will get 40% of the profits.