Godrej Properties and Godrej & Boyce Extend Joint Agreement for Land Development in Vikhroli

Godrej Properties and Godrej & Boyce will continue their collaboration for land development in Mumbai's Vikhroli suburb, according to a joint statement. The agreement extends a long-standing partnership that has seen the successful launch and development of several projects in the area.

Godrej Construction, a division of Godrej & Boyce, has designed and built four phases of Godrej Platinum, a residential project with a total constructed area of 1 million square feet. This project has been marketed by Godrej Properties. Under the continued agreement, a new residential project, Godrej Vistas, was launched in March 2024.

"Godrej Construction and Godrej Properties bring complementary strengths, and this has translated into the launch of successful real estate projects in Vikhroli," said Jamshyd Godrej, Chairman of Godrej & Boyce. He highlighted the potential for future development in Vikhroli, aiming to create a holistic space in Mumbai.

Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed enthusiasm about the continued partnership, stating, "We look forward to continuing our association with Godrej & Boyce to make Vikhroli a world-class neighborhood."

This announcement comes on the heels of a significant restructuring within the Godrej Group. The group recently revealed a split in assets and a family scheme of arrangement, with all listed entities falling under Adi and Nadir Godrej's control, while Jamshyd Godrej and Nyrika Holkar would manage Godrej & Boyce and its affiliates. Despite the restructuring, the agreement allows for flexibility in joint developments between the two factions of the group, ensuring that ongoing collaborations like the Vikhroli project can continue uninterrupted.

The continued cooperation between Godrej Properties and Godrej & Boyce signals a strong commitment to the growth and development of Vikhroli, a key suburb in Mumbai's real estate landscape.

HBL