Godrej & Boyce sells 58,500 sq ft office space in Mumbai’s Vikhroli to Godrej Industries

May 28, 2024

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Godrej & Boyce Manufacturing Company has sold an office spread over nearly 58,500 sq ft across two floors in one of the wings of the commercial complex Godrej One in Vikhroli suburb of Mumbai to Godrej Industries for Rs 157 crore.

Along with the office space spread over 8th and 9th floor of the North wing of the commercial tower, Godrej Industries will also get exclusive access to 75 car parking slots in the building. The buyer has paid stamp duty of Rs 9.42 crore for the registration of the transaction.

The office space on the 9th floor has already been leased to managed flexible workspace provider Simpliwork Offices for 60 months until March 31, 2026. This lease will also be transferred to Godrej industries as the new landlord, showed documents accessed through Propstack.

The property is in the north tower of the commercial building comprising two levels of basements and ground plus 11 upper floors.

The transaction assumes significance in the backdrop of the Godrej family’s recent shareholding realignment within the group announced on April 30. This property transfer between both Godrej entities was also concluded and registered on the same day.

However, both Godrej Enterprises Group and Godrej Industries Group maintained that this property transaction is not related to the shareholding realignment within the group and was an independent transaction between two corporate entities.

As per the arrangement, Jamshyd Godrej, along with his niece Nyrika Holkar and their families, will now oversee the Godrej Enterprises Group, encompassing Godrej & Boyce and its affiliates spanning various industries.

Nadir Godrej will serve as the chairperson for Godrej Industries Group, which includes Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences.

  • Published On May 28, 2024 at 08:57 AM IST

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