G&B-Godrej Properties partnership to continue for Vikhroli land development even after family split
Godrej & Boyce and Godrej Properties on Wednesday said they would continue their association for land development at Vikhroli in Mumbai, a day after the founding family of the Godrej group announced an amicable split of the conglomerate.
In a joint statement, Godrej & Boyce, owner-developer, and Godrej Properties, the development manager, said the two companies will continue their Memorandums of Understanding executed from time to time, for development of land in Vikhroli as and when the owner is desirous of developing the land.
Godrej Construction, a business of Godrej & Boyce, designed and built four phases of Godrej Platinum, a residential development project with a total constructed area of 1 million square feet, which has been marketed by Godrej Properties. In March 2024, a new project named Godrej Vistas was successfully launched under this arrangement, it added.
“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,” said Godrej & Boyce Chairperson & Managing Director Jamshyd Godrej.
Similarly, Godrej Properties Executive Chairperson, Pirojsha Godrej said,”We look forward to continuing our association with Godrej & Boyce (G&B) with a view to making Vikhroli into a world-class neighbourhood that delivers its residents an outstanding quality of life while ensuring the highest standards of sustainable development.”
According to some estimates, the 3,000-acre parcel in Vikhroli owned by G&B has a development potential of over Rs 1 lakh crore. It can develop 1,000 acres, while about 1,750 acres are covered with mangroves and is the destination of rare plants and birds. About 300 acres of land have already been encroached upon.
The Vikhroli property was bought at a public auction from the Bombay High Court receiver in 1941-42 by Pirojsha Godrej, younger brother of group founder Ardeshir Godrej. It was previously owned by a Parsi merchant Framjee Banaji, who bought it from the East India Company in the 1830s.
Under the family settlement announced late on Wednesday, 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.
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.
Godrej Industries Group — which includes the listed companies – Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences — will have Nadir Godrej as chairperson and will be controlled by Adi, Nadir and their immediate families.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: May 01 2024 | 1:54 PM IST