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The land holdings owned by Godrej & Boyce Manufacturing Company, part of Jamshyd Godrej-controlled Godrej Enterprises Group (GEG), in Vikhroli area of Mumbai can generate sales of over Rs 3 trillion if it goes for residential property development in the area.
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Residential properties are selling at upwards of Rs 30,000 per sq ft in Godrej’s projects in the vicinity. About 100 million sq ft of real estate could be developed on the land owned by Godrej & Boyce, according to estimates of industry experts. Of the 3,400 acres owned by Godrej & Boyce in Vikhroli, about 1,000 acres can be developed while 1,750 acres has mangroves and cannot be developed because of environmental concerns. The balance 300 acres has been encroached upon.
One acre costs between Rs 70 crore and Rs 80 crore in Vikhroli. Hence, the land value of the Godrej & Boyce land parcel comes to Rs 80,000 crore.
The land parcel was acquired by the Godrej family in early 1940s from the Bombay High Court receiver. It was originally given by the East India Company to a Parsi merchant, Framjee Banaji, in the 1830s and came up for sale in 1941-42.
On Tuesday, the Godrej family announced the family settlement agreement between family members and division of assets and business between patriarch Adi Godrej and cousin Jamshyd Godrej.
After the split of businesses on Tuesday, Godrej Boyce and Godrej Properties, on Wednesday announced that the two companies will continue their memorandums of understanding executed from time to time, for development of land in Vikhroli owned by Godrej & Boyce, as and when Godrej & Boyce is desirous of developing the said land.