Godrej Properties has decided to develop a luxury project near Carmichael Road, an upmarket residential area in Mumbai. The new project for which the company recently acquired a land parcel, will have value potential of around ₹1,200 crore as per current business assumptions. Spreading across around 0.5 acre, the site is located at one of India’s most prestigious and sought-after residential locations.
Mohit Malhotra, MD & CEO, Godrej Properties, informed that the demand for luxury realty has been strong over the past few years and this location affords it the opportunity to create a landmark boutique luxury residential development. The company is likely to add at least 10 new residential projects across the country to its existing development portfolio in FY23.