New Delhi (PTI): Realty firm Godrej Properties expects a sales revenue of about Rs 700 crore from the second phase of its luxury housing project at Vikhroli in Mumbai launched.

The company, which is real estate arm of the Godrej Group, had in November last launched the first phase of its housing project The Trees comprising 374 units.

“We have launched the second phase of The Trees comprising 256 apartments. We got a very good response for the first phase with 95 per cent of the total unit already being sold,” Godrej Properties MD and CEO Pirojsha Godrej told PTI.

Asked about the expected sales realisation, he said: “the revenue potential of the second phase of Trees is about Rs 700 crore”. He hoped that the company would sell a “good part” of the second phase of the project in this fiscal only.

The project The Trees is a mixed used development project, spread over 34 acres, which houses Godrej One, the Godrej Groups global headquarters.

It would have residential, commercial, a 5-star luxury hotel, cultural buildings and a high street retail park.

“Vikhroli has been integral to the Godrej Groups history and it is our hope to transform it into a fully integrated city-within-a-city that offers its residents the highest quality of urban life,” Godrej said.

Asked about the plans for the Noida market where the company has recently forayed partnering with local developer Lotus Greens, Godrej said the project would be launched in the next fiscal after getting the necessary approvals.

On sales bookings, Godrej said the the company achieved a robust sales in the first three quarters of this fiscal.

In the first nine months of this fiscal, Godrej Properties has achieved a sales booking of Rs 4,422 crore, up 96 per cent from the year-ago period.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 10.67 million square meters (115 million sq ft) in 12 cities.

Godrej Properties eyes Rs 700-cr revenue from new project