The Godrej and Boyce Manufacturing Company, a mixed-use development project that combines commercial offices with luxury residential units has made major real estate transactions, selling premium office spaces to Godrej Industries Limited for Rs 157 crore in Mumbai's Vikhroli, reported Moneycontrol.
As per the report of Moneycontrol, citing document accessed by Propstack, the sale involves two office spaces located in the posh Godrej One tower in Vikhroli, Mumbai. The agreement for this transactions was finalised on April 30.
About the office spaces
The first office space, situated in the 8th floor of the north tower in the Godrej One building, spans 24,364 square feet and the second office space is on the 9th floor of the same floor, added the Moneycontrol report.
The North tower in the Godrej one building, where these offices are located has two basement levels and 11 floors for office use.
In addition to the office space, the deal also includes a 75 parling spaces.
Godrej Family spilt
Spannig from soaps and home appliance to real estate market, the founding family of the 127 year old Godrej Group earlier this month has announced that the group has reached an agreement to split the conglomerate .Adi Godrej and his brother Nadir will retain control of Godrej Industries which has five listed firms, meanwhile, their cousins Jamshyd and Smita will take over the unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.
Real estate holdings
As per various reports on the Godrej group split, it added that the Godrej & Boyce (G&B) will keep real estate worth crores, mostly prime land in Mumbai's suburbs, under its control.
The G&B owns around 3,400 acres of land in Mumbai, including a 3,00 acre area in Vikhroli, that could be worth over Rs 1 lakh crore. It can develop 1,000 acres, while about 1,750 acres area are covered with mangroves, home to rare plants and birds. About 300 acres have already been encroached upon.
