New Delhi: Diversified business house Godrej Monday said it will invest up to Rs 1,500 crore to develop a real estate project, comprising luxury homes and a five-star hotel in Mumbai over the next six years.
The group's realty arm, Godrej Properties, has launched a 35-acre project -- The Trees -- at Vikhroli with 2.8 million sq ft of spaces.
"This is one of the largest real estate projects in the city. It will be developed in three phases and we will invest Rs 1,200-1,500 crore over a period of six years," Godrej Properties Executive Director Pirojsha Godrej told reporters.
Apart from luxury houses and a five-star hotel, the project will also have 1.6 million sq ft of office spaces, which will house the headquarters of several Godrej Group firms, he added.
"We have received all necessary approvals and have started the construction of the first commercial tower, Godrej One. Of the total 7,50,000 sq ft, 2,50,000 sq ft will be for group firms, while the rest will be leased out," Godrej said, adding the company will put in Rs 350 crore in the tower.
On the residential front, the company plans to develop luxury houses in about 5,00,000 sq ft of spaces, he said, without sharing how many units it plans to offer.
"In the five-star hotel, we are planning to have 200-300 keys, although it has not been finalised. The management of the hotel has not been discussed with any partners yet as it will be developed in a later phase," Godrej said.
Besides, The Trees will also consists of 3,00,000 sq ft of retail areas that will house many international brands.
When asked about the mode of funding the project, Godrej said: "It will be through different sources. Besides our equity, we will take some construction loans as well."
He said the company could look into raising capital for the project from private equity players at a later stage, but did not share details.
Established in 1990, Godrej Properties is currently developing various projects in 11 cities across India.