Real Estate company Godrej Properties on August 1 announced that it has acquired a land parcel in South Mumbai's Carmichael Road for a luxury residential project.
The project will have an estimated booking value potential of approximately Rs 1,200 crore, the company said in a statement. The land parcel, spread across 0.5 acres, was purchased from the Karam Chand Thapar (KCT) group.
"We are pleased to add this project at a marquee location to our portfolio. The demand for luxury realty has been strong over the past few years and this location affords us the opportunity to create a landmark boutique luxury residential development,” said Mohit Malhotra, MD & CEO, Godrej Properties.“Indian City Properties Ltd., the real estate arm of the KCT Group, has owned this prime land asset in South Mumbai for nearly seven decades. It was important for us to select a buyer with whom we found an alignment of values and corporate ethos. We are happy to have successfully concluded this transaction with Godrej Properties,” said Varun Thapar, Vice Chairman and Executive Director - KCT Group.