Godrej & Boyce Manufacturing Company Ltd has sold office spaces to Godrej Industries Ltd in Mumbai’s Vikroli for Rs 157 crore, a document accessed by Propstack shows. The two office spaces are located in the posh Godrej One tower.
The first office space sprawls 24,364 sq ft on the eighth floor in the north tower of the Godrej One building. The second office, which is of similar development, is located on the ninth floor of the same tower.
The agreement, signed on April 30, mentions that both office spaces will have a total of 75 parking spaces in the upper and lower basements of the building.
A list of queries has been sent to Godrej & Boyce Manufacturing Co.
Godrej One is a mixed-use development that has commercial and luxury residential development. The north tower consists of two basements and 11 floors of office spaces.
Business split
Recently, the Godrej family announced an ownership realignment of the shareholdings in the Godrej companies. The group has been divided into Godrej Enterprises and Godrej Industries.
As part of the split, Adi Godrej and his brother Nadir will stay at the helm of the listed entities which will come under Godrej Industries. On the other hand, cousin Jamshyd Godrej gets control of unlisted companies and a land bank which will come under Godrej Enterprises.
The conglomerate has five listed entities - Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec LifeSciences.
The company's real estate arm, Godrej Properties acquired 10 land parcels last financial year to build housing projects worth over Rs 21,000 crore and has set a target for this fiscal to buy more parcels that can generate sales bookings of Rs 20,000 crore, Moneycontrol had reported. In its investor presentation, Godrej Properties said it added 10 new projects with an expected future booking value of Rs 21,225 crore.
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