Godrej Group entities, Godrej & Boyce and Godrej Properties have agreed to continue their Memorandums of Understanding (MoU) for the development of land in Mumbai's eastern suburb of Vikhroli, as part of an ownership realignment of their shareholdings in the Godrej Companies. This development will proceed as and when Godrej & Boyce, the landowner and developer, decides to move forward. According to a joint release, this collaboration aims to create a holistic space where urban development and biodiversity coexist harmoniously. Jamshyd Godrej, CMD of Godrej & Boyce, emphasized that the synergy between Godrej Construction and Godrej Properties has led to successful real estate projects in Vikhroli. Godrej Construction, a division of Godrej & Boyce, designed and built four phases of the Godrej Platinum residential development project, with a total constructed area of 1 million sq ft, marketed by Godrej Properties. Recently, a new project, Godrej Vistas, was launched under this arrangement. Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed enthusiasm for continuing the partnership to transform Vikhroli into a world-class neighbourhood that offers an exceptional quality of life and sustainable development.
The Godrej Group owns over 3,400 acres in Vikhroli, with around 1,000 acres suitable for development, valued at approximately Rs 1 lakh crore. The land includes ecologically sensitive mangroves, which were certified as India's first ISO 14001 forest in 1997. Acquired in the 1940s during World War II, the property was initially granted to a Parsee merchant by the East India Company in the 1830s and later expanded by the Godrej family through negotiations with over 200 neighbouring landowners. Godrej Properties, which holds 58.48% of the group's real estate arm, plays a key role in monetizing the group's land bank through development management agreements (DMA), providing long-term business visibility.