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Godrej & Boyce owns 3,400 acres of land in Vikhroli, Mumbai valued at INR 80,000 crore. Godrej Construction and Godrej Properties have partnered to develop this land, with potential to generate over INR 3 trillion in residential property sales. The companies intend to continue the partnership even after the split in the Godrej group. They have already partnered on the Godrej Platinum and Godrej Vistas projects totalling over 1 million sq ft. Future plans could see development of 100 million sq ft of real estate on the land, which offers proximity to Mumbai and potential for sustainable, high-quality developments.
Godrej Construction, the real estate development arm of Godrej & Boyce, has been working closely with Godrej Properties, a leading real estate developer, to develop land in Vikhroli, Mumbai that is owned by Godrej & Boyce. The land holdings owned by Godrej & Boyce Manufacturing Company in the Vikhroli area of Mumbai have the potential to generate over INR 3 trillion in sales if developed for residential properties. Advertisement
Godrej Construction designed and built four phases of Godrej Platinum, a 1 million square foot IGBC Platinum rated residential project in Vikhroli, which was marketed by Godrej Properties. In March 2024, the companies successfully launched another project called Godrej Vistas under this collaborative arrangement.
Residential properties are currently selling for upwards of INR 30,000 per square foot in Godrej's other projects nearby. It is estimated by industry experts that about 100 million square feet of real estate could be developed on the land owned by Godrej & Boyce. Of the 3,400 acres owned by Godrej & Boyce in Vikhroli, approximately 1,000 acres can be developed while 1,750 acres contain mangroves and cannot be developed due to environmental concerns. The remaining 300 acres have been encroached upon.
Land in Vikhroli costs between INR 70-80 crore per acre. Therefore, the land value of the Godrej & Boyce land parcel is approximately INR 80,000 crore. The land parcel was originally acquired by the Godrej family in the early 1940s from the Bombay High Court receiver. It was originally granted to a Parsi merchant, Framjee Banaji, in the 1830s and later went up for sale in 1941-42.
Last week, the Godrej family announced an agreement between family members for the division of assets and businesses between patriarch Adi Godrej and cousin Jamshyd Godrej. After the split of businesses, Godrej Boyce and Godrej Properties announced that the two companies will continue existing memorandums of understanding to develop land in Vikhroli owned by Godrej & Boyce, whenever Godrej & Boyce desires to develop the land.
Godrej Construction specializes in end-to-end real estate development including construction and management services, green building consultancy services and innovative sustainable building materials. It worked with CII and WWF to create a unique biodiversity assessment tool, the 'Biodiversity Index', deployed for the first time in an Indian township.
Godrej Properties brings Godrej's philosophy of innovation, sustainability and excellence to the real estate industry. In FY2021 it emerged as India's largest developer by value and volume of residential sales. It is deeply committed to sustainable development and in 2010, GPL committed that all of its developments would be third party certified green buildings.
In 2020 and again in 2021 and 2022, the Global Real Estate Sustainability Benchmark ranked GPL as the number one globally amongst listed residential developers for its sustainability and governance practices. In 2017, GPL was one of the founding partners of the Sustainable Housing Leadership Consortium (SHLC), whose mission was to spread sustainable development practices across the Indian real estate sector.
Jamshyd Godrej, Chairperson of Godrej & Boyce, said the future development of Vikhroli presents a unique opportunity to create a harmonious urban space that supports both development and biodiversity. Godrej Construction and Godrej Properties bring complementary strengths that have translated into successful real estate launches.
Pirojsha Godrej, Executive Chairperson of Godrej Properties, said the company looks forward to continuing its association with Godrej & Boyce to develop Vikhroli into a world-class neighbourhood delivering outstanding quality of life while ensuring sustainable standards.
The partnership between Godrej Construction and Godrej Properties leverages both companies' strengths in real estate development and sustainability. Their past joint projects demonstrate a track record of successfully delivering green, high-quality residential spaces. The future development of Vikhroli presents an enormous opportunity but also challenges in balancing growth with environmental protection. The Godrej group's commitment to sustainability, as well as Jamshyd and Pirojsha Godrej's visions, suggest this prime land could be transformed into a model for harmonious, biodiversity-supporting urban development.
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