Mumbai-based real estate developer Godrej Properties Ltd has announced the launch of its new residential project in Mangalore. The 499-apartment Godrej Alpine is likely to be ready for occupation in 36 months, according to Mr Pirojsha Godrej, Executive Director of Godrej Properties Ltd.
Addressing presspersons here on Tuesday, Mr Godrej said that there is good demand for quality residential project in Mangalore. Godrej Alpine will offer a modern and contemporary lifestyle in a green and natural environment, he said.
Asked the about the target customers for this project, he said that the company will market it for both local and NRI population. Stating that a huge amount of Mangaloreans live in Gulf and elsewhere, he said the company will make efforts to appeal to that segment.
Situated at Yeyyadi on Airport Road in Mangalore, the project is spread over 4.5 acres with three towers of 19 floors each. Customers can choose from two to three bedroom houses, which range from 1,203 sq. ft to 1,695 sq.ft, to penthouses that range from 2,700 sq. ft to 3,500 sq ft, he said.
The price range starts from Rs 3,500 a sq.ft. It works out to Rs 50-80 lakh for an apartment.
The construction of Godrej Alpine will be done by Larsen & Toubro. Mr Godrej said that the Mangalore project is joint venture with Fiza Developers and Infrastructure Ltd.
Mr B.M. Farookh, Managing Director of Fiza Developers and Infrastructure Ltd, said that his company secured this land through an auction thatwitnessed stiff competition.
He said that his company convinced Godrej Properties Ltd to come to a tier-II centre such as Mangalore. Initially, the plan was to launch the project for high-end customers. After seeing the demand for the residential space from the middle-class people here, Godrej decided to change the design. Following this, the number of apartments was raised from 250 to 499, he said.