Godrej The Trees Vikhroli East Mumbai

The launch of Godrej Properties flagship project ‘The Trees’ residential phase II in Mumbai has led to an increase of 2.4% in the company’s share price during intra day trading on Thursday.

Phase I of the flagship project was launched last year in November. The company in its filing states “In first phase, we saw rapid sales with 348 apartments representing 93 percent of total available units sold within one month of launch. 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).”

The Trees is mixed-used development with a vast commercial space spread across over 9.4 acres.

Godrej Properties sells 300 flats worth Rs 700 crore in Mumbai

The real estate division of Godrej Group had launched The Trees, its flagship project in the Vikroli suburb of Mumbai about two weeks ago. Out of the 374 flats in the offing, 300 have already been sold in the first week of its launch, the company said in a statement.

Besides a residential complex, The Trees comprises commercial development spread across 9.4 acres. Godrej One and the Godrej Group’s global headquarters have already been developed. This project is a central mixed-use zone which will house a 5-star luxury hotel, cultural buildings, luxury residential, and retail spaces, the company statement reads.

The residential development is expected to cover over 6.7 acres and the first phase will have a sale able area of 5 lakh sq ft.

“The value of apartments sold in The Trees during the first week is in excess of 700 crore making it our most successful launch. We are thrilled with the customer response to the project and will ensure we deliver an exceptional product to our customers,” Pirojsha Godrej, Managing Director & CEO, Godrej Properties said.