Godrej Properties acquired a land parcel to develop a luxury project near Carmichael Road
MUMBAI, Aug 1 (The CONNECT) - Godrej Properties Ltd. (GPL) today announced that it has acquired a land parcel to develop a luxury project near Carmichael Road, an upmarket residential area in Mumbai.
Spread across approximately half an acre, the site is located at one of India’s most prestigious and sought-after residential locations. The land was purchased from the Karam Chand Thapar (KCT) group.
The new project is expected to have an estimated booking value potential of approximately INR 1,200 crore
Mohit Malhotra, MD & CEO, Godrej Properties, said, "We are pleased to add this project at a marquee location to our portfolio. The demand for luxury realty has been strong over the past few years and this location affords us the opportunity to create a landmark boutique luxury residential development.”
Varun Thapar, Vice Chairman and Executive Director - KCT Group, said, “Indian City Properties Ltd., the real estate arm of the KCT Group, has owned this prime land asset in South Mumbai for nearly seven decades. It was important for us to select a buyer with whom we found an alignment of values and corporate ethos. We are happy to have successfully concluded this transaction with Godrej Properties”.