subject: Vikhroli Will Get 35 Acres For Homes, Offices By Year-end [print this page] Vikhroli has emerged as an honest possibility for residential and commercial destination. The suburb in Mumbai has nice connectivity through its central railway line. This provides straightforward accessibility to different areas within the town like Ghatkopar and Powai. Thus, the locality is catching a watch of commercial and residential property patrons and investors. The few huge developers have conjointly bought house within the locality for development, Godrej is one in all them.
Property in Vikhroli could be a smart possibility for commercial and residential area, because the rates are quite cheap due to the supply of neat and clean industrial buildings where firms place up their offices as they get appealing costs. Ground floors are the foremost expensive as they typically have vacancy for shops.
The price values are on rise for commercial property in Vikhroli, Mumbai. For rental this rate is approximately Rs 8200 per sq ft and therefore the capital values of a commercial property ranges between Rs 10000 - 12000 per sq ft. The month of Jan- March quarter 2012, an average value for sale is Rs 10166 with a rise of five percent.
Due to smart connectivity and affordability Vikhroli is growing as a preferred selection for commercial investment. The leading BPOs and multinational firms on LBS roads adds to the advantage.
The city's biggest landowner, Godrej Group, is about to unleash a first-rate 35-acre chunk in Vikhroli for development by the end of the year. This might be one in all the most important sprawls of unencumbered realty coming into the market within the recent past. Most of the huge industrial plots within the eastern suburbs sold to builders over the past decade are between five and twenty acres.
It is estimated that the Godrej's control about 4000 acres in Vikhroli, most of it consists of an enormous mangrove sprawl described by environmentalists as the best preserved within the state. The 35-acre plot is out of this eco-sensitive zone.
The government director of Godrej Properties, said a master plan is being ready by architect Cesar Pelli for mixed-use development, as well as a proposed 8-lakh-square-foot commercial building that will function the new headquarters of the group.
The thirty five acres the Godrej Group is about to unleash lies simply off the Eastern Express Highway. Belonging to Godrej & Boyce, it's going to be developed during a joint venture between Godrej Industries, Godrej Properties and Godrej & Boyce.
The mixed-use development on this plot can embody fifteen lakh sq. feet of commercial area, six lakh sq. feet housing a residential township and six lakh sq. feet additional for retail and a five-star hotel. Since the land falls beneath the flight path, we'll not be able to go beyond thirteen floors.
The Pirojsha Godrej Foundation and Godrej & Boyce along control about 2500 acres of unencroached mangroves in Vikhroli. Though Godrej failed to divulge the overall quantum of non-mangrove land that may be developed in future, trade sources said it might be anywhere between 600 acres to 800 acres. Our commitment to the setting remains, said Godrej Properties' government director Pirojsha Godrej, who is that the son of group chairman Adi Godrej and named when his great grandfather who had gathered the huge tracts of land in Vikhroli. And the developable portions can ultimately be displayed someday within the distant future.
Godrej residential property in Vikhroli is currently executing eighty two million sq ft of realty projects in numerous parts of the country. Of this, we tend to fully own twelve million sq ft. The remainder is being developed through varied joint ventures. But it absolutely was here in Vikhroli that the late Pirojsha Godrej initial started amalgamating land purchased from a plethora of homeowners someday within the early forties. He bought a tract of land in Vikhroli village at a public auction. There have been many pockets of settlers within the neighbouring areas whom he bought off one when the opposite, paying more within the method than he had done for the first piece of land. Considering today's costs, what he paid was a pittance, however he had to sell his shares and nearly everything he had to defray the value, besides taking loans, in keeping with data provided by the group.
It was on July 7, 1835, that Nathaniel Hornby granted, by method of perpetual lease, the villages of Vikhroli and Kanjur to at least one Framji Cawasjee Banajee. Nearly ninety five years later, on October 28, 1929, one Moolji Haridas and others credited, conveyed and released two-fourths share in Vikhroli, discharged of all owner and charges and trusts, in court of Amratlal Amarchand.
Approximately fourteen years later, on January eighteen, 1943, the commissioner of accounts within the Bombay high court place up Vikhroli for sale. Mr. Naoroji Pirojsha Godrej was declared the best bidder and take over the rights, interests and title of Amratlal Amarchand.
