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« India Wins Property Tax Battle with New York City | Home | Multiplex Chains Plan Expansion »

Godrej all Set to Develop its 36 Acre Prime Land in Mumbai

The 36 acres of prime land that Godrej Industries owns in Mumbai are finally being developed and the master plan is almost ready. The first phase of the plan will be 6.5 lakh square feet of commercial space, of which half will house the group companies like Godrej Consumer Products Ltd (GCPL) and Godrej Properties and the other half will be leased out with expected revenues of over Rs. 350 crore annually.

The first part of the project will start in February or March of next year and will be completed within 30 months. The total amount to be developed over 36 acres is 3 million square feet over 3-4 years which will be a mix of residential, commercial, retail and hospitality development. Analysts have been waiting for the value unlocking of the Vikhroli land – a project being spearheaded by Adi Godrej’s son Pirojsha.

“I think value unlocking for Vikhroli is very important because it will be a cash cow for the company. I believe there will be a lot of demand for their product that they build on that land,” said Bharat Sheth, president-institutional sales at Techno Shares and Stock Broking. Godrej Properties has outperformed the real estate sector after its listing in January and so far the joint venture model seems to be working for the group.

News Published Under:   Delhi, Mumbai, Real Estate Developers, Real Estate India | No Comments »

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