NEW DELHI: Godrej & Boyce and Godrej Properties will continue to develop a land parcel of Vikhroli owned by Godrej & Boyce. The announcement came a day after the Mumbai-based Godrej family decided to split their business interests. As per the settlement, Godrej & Boyce is being controlled and its affiliates will now be controlled by Jamshyd Godrej while Godrej Properties will be controlled by Adi Godrej.
The Godrej Group owns about 3,400 acres in Mumbai’s eastern suburb of Vikhroli, making them one of the largest land holders in the country’s most expensive real estate market. While a big chunk of this land holding falls under ecologically sensitive mangroves and 300 acres are believed to be encroached, about 1,000 acres can be developed. Realty experts believe one acre of land in this area commands a price of Rs 70-80 crore and the development potential of 1,000 acre of land is over Rs 4 lakh crore.
Jamshyd Godrej, Chairperson & MD, Godrej & Boyce, said, “The future development of Vikhroli presents a unique opportunity to create a holistic space in the metropolis of Mumbai where urban development and biodiversity co-exists harmoniously. Godrej Construction and Godrej Properties bring complementary strengths, and this has translated into the launch of successful real estate projects in Vikhroli.”