Hot Pursuit     09-Oct-23
Godrej Properties announces the opening of Taj The Trees in Vikhroli, Mumbai
This is the real estate developer's first hotel development.
Godrej Properties has unveiled Taj The Trees, a luxury hotel, at their flagship project, The Trees in Vikhroli, Mumbai. The hotel is wholly owned by Godrej Properties and will be operated by Indian Hotel Companies Limited (IHCL) under the Taj brand.

Taj The Trees spans an area of approximately 0.35 million sq. ft. and features 151 spacious rooms, renowned dining establishments like Shamiana and Nonya, a rooftop bar called The Mangrove Bar, an infinity pool running along the length of the building, ample conference facilities, and a signature spa. The hotel boasts an IGBC Platinum certification and offers stunning views of the mangroves on one side and a public art and sculpture park on the other.

Vikhroli, situated in the eastern suburbs of Mumbai, is positioned along the Eastern Express Highway, providing convenient transportation to the north, south, and east of Mumbai, as well as access to LBS Marg, which links to the western suburbs. The location is also close to the Chhatrapati Shivaji Maharaj International Airport and the proposed Navi Mumbai International Airport.

Pirojsha Godrej, executive chairperson, Godrej Properties, said "We are happy to open our first hotel, Taj The Trees, in partnership with the Tata Group. This collaboration showcasing Godrej Properties' development expertise and IHCL's excellence in hospitality marks a significant milestone in our journey, as we aim to deliver quality and sustainable luxury in a green, connected, and vibrant neighbourhood."

In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved. The company reported consolidated net profit of Rs 124.94 crore in Q1 FY24, steeply higher than Rs 45.55 crore in Q1 FY23. Revenue from operations zoomed to Rs 936.09 crore in June 2023 quarter from Rs 244.67 crore in the quarter ended 30 June 2022.

The scrip surged 4.61% to settle at Rs 1674.35 on 6 October 2023.

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