Godrej Properties, the real estate arm of the $2.6 billion Godrej group, is tweaking RELATED ARTICLES
Turkey and Israel keep doing business its business model of developing properties for outright sale to developing projects that it will own, manage and lease. The model is similar to the one adopted by DLF for its commercial developments in Gurgaon where it builds office buildings and leases them out to marquee clients earning a steady stream of income.
“We are planning to construct three high-quality office space buildings aggregating to around 1.5-2 million sq ft in phase one, of the 36.5 acres plot of land in Vikhroli, Mumbai owned by our group firms. We will hold these as part of our portfolio for lease rather than sale because we believe we are at the early stages of something whose value will increase quite a bit over a period of time,” a Godrej family member told FC Build.
“The office buildings will also have a retail component at the base of all the buildings. The total retail space to be developed across phases could thus range between 4-5 lakh sq ft,” the Godrej family member added.
The project also envisages a retail component of around 6 lakh sq ft and a five star hotel whose construction is expected to start a couple of years hence. The hotel will be managed by a prominent hotel brand, which will be finalised after phase one of the development is completed, officials said.
As per the terms of the agreement between Godrej Properties and Godrej Industries, which holds the sub-lease of the property, profits from the development of the plot would be split in the ratio of 60 per cent going to the real estate arm with the balance going to Godrej Industries. Godrej Properties is to bear all the costs involved in developing the property, which is part of the hundreds of acres of land bank held by the Godrej group in Mumbai. When fully developed, the 2.88 million sq ft of constructed space will consist of commercial, retail, residential and hospitality mixed use development.
Godrej group chairman Adi Godrej plans to convert Vikhroli from an industrial township to an green residential and commercial township. “The mangrove belt in the land bank will not be touched in keeping with our commitment to the environment,” the official said.
“The idea is to ensure that our stakeholders experience the greenery all around, hence, we will retain as much greenery as we can by transplanting existing trees and planting new ones as well,” said Pirojsha Godrej, executive director, Godrej Properties.
The multi-year development of the 36.5 acre Vikhroli plot will incorporate a large park, trees along paths, terraced gardens on the buildings, and extensive landscaping.
The accent for Godrej, which aims to have its first commercial building in Vikhroli target a Platinum LEED certification, is to make the entire project a sustainable and environment friendly development.
“We are incorporating green building principles and sustainability in several ways. For instance, the commercial buildings are being built in such a way that the orientation minimises the effect of heat gain due to sunrays and reduces the strain on ACs. We are carefully choosing building materials and using insulated glass to minimise the energy intensity of the workplace,” Pirojsha said. The company is also exploring the option of having power supply generated via solar panels and incorporating rainwater harvesting.
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