Godrej Group entities Godrej & Boyce and Godrej Properties have announced their decision to continue their Memorandums of Understanding (MoU) for the development of land in Mumbai’s eastern suburb Vikhroli. The MoUs allow for the development of the land whenever Godrej & Boyce intends to do so. The Godrej Group owns a vast landholding of over 3,400 acres in Vikhroli, and it holds the potential to develop around 1,000 acres of this land. The valuation of the developable land alone is estimated to be around Rs 1 lakh crore ($13.5 billion).
The alliance between Godrej & Boyce and Godrej Properties aims to create a holistic space in Vikhroli, where urban development and biodiversity can coexist harmoniously. The companies believe that the complementary strengths of Godrej Construction and Godrej Properties have resulted in the successful launch of various real estate projects in Vikhroli.
Jamshyd Godrej, CMD of Godrej & Boyce, stated, “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.”
Godrej Construction, a division of Godrej & Boyce, has previously designed and built four phases of the Godrej Platinum residential development project, which was marketed by Godrej Properties. Under their continued association, a new project named Godrej Vistas was recently launched.
Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed their commitment to making Vikhroli a world-class neighborhood that ensures an outstanding quality of life for its residents, while also maintaining the highest standards of sustainable development. The Godrej Group has a vision to develop Vikhroli into a place where urban development and biodiversity can thrive side by side.
The Godrej Group’s land in Vikhroli includes a significant portion of ecologically sensitive mangroves, and out of the total holding, approximately 1,000 acres can be developed. The family acquired ownership of this property in the 1940s, and since then, it has expanded the landholding by purchasing adjacent parcels through negotiations with neighboring landowners. The Godrej Group’s deep connection to Vikhroli is well-established, and the company holds a significant stake in Godrej Properties, the group’s real estate development arm, which helps monetize its land bank.
The alliance between Godrej & Boyce and Godrej Properties operates under a development management agreement (DMA) model, which provides long-term business visibility and allows them to effectively develop the land parcels owned by the Godrej Group.
