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Godrej Properties purchases land in South Mumbai for luxury development

2022-08-03

The Godrej Group's real estate development division, Godrej Properties, has purchased a plot of land close to Mumbai's upscale residential neighbourhood Carmichael Road in order to build a luxury property there.

Based on existing property pricing in the area and current business assumptions, the new project's estimated booking value potential is roughly Rs 12 billion.

The land, which covers an area of roughly 0.5 acre, is situated in one of India's most renowned and sought-after residential neighbourhoods.

The Karam Chand Thapar (KCT) group sold the land tract to Godrej Properties.

In the present market situation, where bond yields are starting to move upward, industry analysts predict the ongoing market consolidation in favour of large and established developers will gain speed due to their execution capability and access to liquidity.

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