In a recent transaction, Godrej & Boyce Manufacturing Company Limited has sold an office space spread across 48,729.92 sq ft in Vikhroli (East), Mumbai, to Godrej Industries Ltd for ₹157 crore. The office space includes two floors (8th and 9th) of the North tower in a commercial building called Godrej One. The registration documents confirm the sale, which took place on April 30, 2024.
The North Tower in Godrej One is located in Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai. Along with the office space, Godrej Industries will have access to 75 car parking spaces. A stamp duty of ₹9.42 crore was paid for the transaction.
The 9th floor of the building is currently leased to Simpliwork offices, a flexible space provider, until March 31, 2026. As part of the sale, the lease agreement and the security deposit will be transferred to Godrej Industries.
This transaction is noteworthy in the context of the recent split between two branches of the founding Godrej family. Under the family settlement, announced on April 30, the group has been divided between Adi Godrej and his brother Nadir on one side, and their cousins Jamshyd Godrej and Smita Godrej Crishna on the other.
Godrej Enterprises Group, led by Jamshyd Godrej as the chairperson and managing director, will control Godrej & Boyce and its affiliates, which operate in diverse industries such as aerospace, defence, furniture, and IT software. On the other hand, Nadir Godrej will chair Godrej Industries Group, which includes listed companies like Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet, and Astec LifeSciences.
The split decision will ensure separate control and management of the two branches within the Godrej family. The two entities will continue to collaborate on the development of land owned by Godrej & Boyce in Vikhroli, Mumbai.
For more updates and information on real estate deals and industry developments, follow our blog.
News Articles
Other Real Estate News Articles