Godrej Properties acquires land in Mumbai's Carmichael Road for luxury residential project

Godrej Properties, the real estate development arm of the Godrej Group, has acquired a land parcel to develop a luxury project near Carmichael Road, an upmarket residential area in Mumbai. Spread across 0.5 acre, the new project will have an estimated booking value potential of around INR 1,200 crore. Purchased from the Karam Chand Thapar group, the company has paid INR 300 crore for the plot, valuing the land at INR 600 crore per acre. CBRE South Asia acted as a transaction advisor. Godrej plans to add at least 10 new residential projects across the country to its existing development portfolio in FY23.