Godrej Properties Ltd project at Vikhroli, Ph-1 is expected to go live end of CY10 — Spread over 35 acres, it will be a 2.8msf mixed use development- Grade A office - 1.5msf, high-end residential - 0.5msf and the balance would be high street retail + hotel. This project will be developed over 6 years in two phases: Ph-1 would comprise a commercial building of 0.75msf - 1/3rd will be occupied by Godrej Cos serving as Group HQ, whereas the rest will be leased to other 3rd parties. Ph 2 will comprise office and residential, is tentatively timed for the end of CY12, largely targeting the high-end residential market of ~Rs 12,500/sf and commercial leasing at Rs 125/sf.
To unlock the potential value in Vikhroli, the group is looking to adopt a build and lease model for its commercial development. Further, the Group has a
large land parcel in this region (~3500 acres of which around 750-1000 acres are potentially developable).
