This Conglomerate Owns 10% Of Total Habitable Land In Mumbai

Mumbai is the most expensive real estate city in the country, as per data from many surveys. Out of a total land area of 1 lakh acres, habitable land consists of 34,000 acres in the city of Mumbai. However, did you know that 10 per cent of the total habitable land in the city is owned by one single family? The distinction of holding 3,400 acres of land in Mumbai goes to the prestigious Godrej family which has made a fortune venturing into the manufacture of electrical goods, agricultural products, furniture, real estate and more.

Pirojsha Burjorji Godrej, grandfather of Adi Godrej, chairman of Godrej Industries, like the true businessman he was, had taken advantage of the plummeting rates of real estate prices all over the globe following the Second World War. He had bought 3,000 acres of land in Mumbai, then Bombay and the industrial capital of colonial India, from the British at Rs 30 lakh. After that, he acquired an additional 400 acres, bringing the total to 3,400 acres.

However, the area has around 1,800 acres of mangroves that are unsuitable for development because of environmental concerns. Developable land worth Rs 4,35,000 crore is available on the 1,000-acre Godrej Group plot in Vikhroli. This is about four times the market capitalisation of the group’s four listed companies, Godrej Industries, Godrej Consumer Products, Godrej Agrovet and Godrej Properties.

The Godrej Group currently has land in other major cities in addition to Mumbai. These include Delhi-NCR, Hyderabad, Bengaluru and Chennai. Here, Godrej Properties constructs commercial projects in addition to residential ones.

For Rs 350 crore, Godrej Properties Limited bought 12.5 acres of land in Hyderabad intending to develop a residential complex. From this, the business anticipates generating income of Rs 3,500 crore. By doing this, the business has joined the Hyderabad real estate market. Godrej Properties announced to the stock exchange that it had purchased 12.5 acres of land in Hyderabad’s Rajendra Nagar, but it withheld the purchase price and seller’s identity. Market sources, however, claimed that the transaction was completed for about Rs 350 crore.