Godrej Group entities Godrej & Boyce and Godrej Properties, as part of the group rejig, will continue their memorandums of understanding executed from time to time for the development of the former's land in Mumbai's suburb Vikhroli.
Godrej & Boyce is the owner-developer while Godrej Properties is the development manager for Vikhroli.
The proposed development will take place when Godrej & Boyce is desirous of developing the land, a joint release said. Godrej Construction, a business of Godrej & Boyce, designed and built four phases of Godrej Platinum, an IGBC Platinum rated residential development project with a total constructed area of 1 million square feet, which has been marketed by Godrej Properties and, in March 2024, a new project named Godrej Vistas was successfully launched under this arrangement.
“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,” Jamshyd Godrej, chairperson & MD, Godrej & Boyce, said.
Pirojsha Godrej, Executive Chairperson, Godrej Properties, said, “We look forward to continuing our association with Godrej & Boyce with a view to make Vikhroli into a world-class neighborhood that delivers its residents an outstanding quality of life while ensuring the highest standards of sustainable development.”
The Godrej Group owns over 3,400 acres in Vikhroli. A large chunk of this total land holding falls under ecologically sensitive mangroves and around 1,000 acres can be developed. The land is reportedly valued around Rs 1 lakh crore.
The founding family of 127-year-old Godrej Group has reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.
The group has been split between two branches of the founding family, with Adi Godrej (82) and his brother Nadir (73) on one side and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other, according to a statement issued by the group.
Godrej Enterprises Group -- comprising Godrej & Boyce and its affiliates that have a presence across multiple industries spanning aerospace and aviation to defence, furniture and IT software -- will be controlled by Jamshyd Godrej as chairperson and managing director. His sister Smita's daughter Nyrika Holkar, 42, will be the executive director. Their families will control this arm that also will hold the land bank, including 3,400 acres of prime land in Mumbai.