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Godrej & Boyce and Godrej Properties to maintain partnership for Mumbai land development.

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Godrej & Boyce and Godrej Properties to maintain partnership for Mumbai land development.

Godrej & Boyce and Godrej Properties to maintain partnership for Mumbai land development.

Godrej & Boyce and Godrej Properties to maintain partnership for Mumbai land development.

Godrej Group entities, Godrej & Boyce and Godrej Properties have agreed to continue their Memorandums of Understanding (MoU) for the development of land in Mumbai's eastern suburb of Vikhroli, as part of an ownership realignment of their shareholdings in the Godrej Companies. This development will proceed as and when Godrej & Boyce, the landowner and developer, decides to move forward. According to a joint release, this collaboration aims to create a holistic space where urban development and biodiversity coexist harmoniously. Jamshyd Godrej, CMD of Godrej & Boyce, emphasized that the synergy between Godrej Construction and Godrej Properties has led to successful real estate projects in Vikhroli. Godrej Construction, a division of Godrej & Boyce, designed and built four phases of the Godrej Platinum residential development project, with a total constructed area of 1 million sq ft, marketed by Godrej Properties. Recently, a new project, Godrej Vistas, was launched under this arrangement. Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed enthusiasm for continuing the partnership to transform Vikhroli into a world-class neighbourhood that offers an exceptional quality of life and sustainable development.

The Godrej Group owns over 3,400 acres in Vikhroli, with around 1,000 acres suitable for development, valued at approximately Rs 1 lakh crore. The land includes ecologically sensitive mangroves, which were certified as India's first ISO 14001 forest in 1997. Acquired in the 1940s during World War II, the property was initially granted to a Parsee merchant by the East India Company in the 1830s and later expanded by the Godrej family through negotiations with over 200 neighbouring landowners. Godrej Properties, which holds 58.48% of the group's real estate arm, plays a key role in monetizing the group's land bank through development management agreements (DMA), providing long-term business visibility.
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About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

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