Mumbai-based real estate developer, Godrej Properties has said that it has sold the entire first phase of its Godrej Summit project in Gurgaon in the National Capital Region.

The company sold 695 flats of the phase one in a single day of the project of over one million sq. ft in the city. Godrej Properties is aiming to invest Rs 600 crore n the project in the coming five years and it will be developed in association with Zara Sanya under an area sharing agreement.

Under the agreement with Zara, Godrej Properties will hold a 65 per cent stake in the project, which is its second in the NCR. Pirojsha Godrej, executive director Of Godrej Properties said while talking to a TV channel that the entire phase one, comprising of 50 per cent of the project, has been sold off in a single day. The average rate remained below Rs 6,000 sq ft and the company is aiming at generating a revenue of Rs 1,200 crore from eth project.

"We are very pleased yesterday we announced the launch of the project. Within one day sold out entire phase, which comprised 50% of the whole project. We sold about a million sq ft, which is 695 apartments. The average rate was just under Rs 6,000 sq ft," he said.

Godrej Properties is now planning to launch 17 new projects in the coming future.