By Pallavii Pitale
Godrej Industries that was planning to develop their 36 acres of prime land chunk at Vikhroli, Mumbai, is almost ready with the master plan for the development and the first phase of 6.5 lakh square feet would be developed as a commercial space, of which half would house offices for the Godrej group of companies and the other half would be leased out with expected revenues of over Rs. 350 crore annually.
The first part of the project is expected to start in the first quarter of the next year and is expected to complete within next 30 months. The group is planning to develop almost 3 million square feet of area over the 36 acres of land within a span of 3-4 years that shall include residential, commercial, retail and hospitality segments. Analysts have been waiting for the value unlocking of the Vikhroli land.
The project is being spearheaded by Mr. Pirojsha Godrej, the son of Mr. Adi Godrej.