Godrej Properties acquires land for a luxury residential project at
Carmichael Road, Mumbai
The new project will have an estimated booking value potential of approximately INR 1,200 crore*
Mumbai, 1 st August, 2022: Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of
India’s leading real estate developers, 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 0.5 acres, 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.
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”.
*On the basis of the current business assumptions.
About Godrej Properties Limited:
Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence
to the real estate industry. Each Godrej Properties development combines a 125-year legacy of
excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY
2021, Godrej Properties emerged as the largest developer in India by the value and volume of
residential sales achieved.
Godrej Properties has deeply focused on sustainable development. In 2010, GPL committed that all
of its developments would be third party certified green buildings. In 2020 and again in 2021, the
Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential
developers for its sustainability and governance practices. In 2017, GPL was one of the founding
partners of the Sustainable Housing Leadership Consortium (SHLC), whose mission is to spread
sustainable development practices across the Indian real estate sector. In recent years, Godrej
Properties has received over 300 awards and recognitions, including the Porter Prize 2019, The
Most Trusted Real Estate Brand in the 2019 Brand Trust Report, Builder of the Year at the CNBC-
Awaaz Real Estate Awards 2019, and The Economic Times Best Real Estate Brand 2018.
