Godrej Properties Ltd said Godrej Fund Management will invest into its ‘Godrej Two’ commercial building project in Vikhroli.
Godrej Fund Management was set up by the real estate company three years ago primarily with the purpose of raising funds for its real estate projects. It is currently a separate and distinct entity.
Financial details, such as the valuation or the investment size, were not disclosed.
It said it “diluted part of its holding in the entity which is developing Godrej Two” and that Godrej Fund Management will get a 50% stake in the entity.
Godrej is constructing a mini city at its compound in Vikhroli, consisting of three parts: A commercial complex in which there will be two buildings — Godrej One and Godrej Two, a mixed use area and a residential area.
The commercial area will occupy about 9.4 acres, the mixed use area around 9.2 acres and the residential area about 6.7 acres.
All three, together called the ‘The Trees’, will be walkable and connected “with a vibrantly programmed public realm,” according to the real estate developer.
The compound lies on the eastern side of the Central Railways’ line between Ghatkopar and Vikhroli.
The commercial area already has a building — Godrej One — which is also the Godrej Group’s headquarters.
Godrej Two will be the second “A Grade commercial building” within the commercial precinct, the company said.
The building has achieved LEED-Platinum pre-certification, the highest global rating for sustainable design, it added.
It said it will tap some of the “world’s most accomplished architects and engineering companies” to design Godrej Two.
The project will offer approximately 1.11 lakh square meters (1.2 milion square feet) of built space and will be delivered within three years, the company said.
THE TREES
The other two upcoming zones are the mixed use zone in the center and the residential area towards the north.
The mixed use area will have a five-star luxury Taj hotel, cultural buildings, luxury residential buildings and a high-street retail park, Godrej Properties said.
The residential precinct will have a community of residential buildings with private parks and an iconic club house facility, it said.
The company added that the compound is already well connected, both via rail and Eastern Expressway.
“The future planned infrastructure in the city, including the bridge from Nava Sheva to Sewri and the proposed new airport, will further transform Vikhroli and the eastern belt of Mumbai into the city’s most desirable address,” it said.
“We are committed to ensuring that The Trees is developed to the highest of standards and believe this is an important milestone in that journey,” said Pirojsha Godrej, Executive Chairman of Godrej Properties.