Godrej Properties to buy 34 acre in Vikhroli, Mumbai from group co for Rs 717 crore

Godrej Properties' subsidiary Godrej Vikhroli Property LLP has entered into an agreement with group company Godrej & Boyce Manufacturing Company for buying 34.2 acres at Vikhroli suburb of Mumbai for Rs 717 crore, the company informed Bombay Stock Exchange on Friday.

Godrej VIkhroli Property will be paying the entire consideration over five and a half years from the proceeds of the development. Godrej VIkhroli Property is a limited liability partnership between the Godrej Properties and Godrej Industries incorporated in 2011.

Godrej Properties is already developing a mixed-use project The Trees on the said 34.2 acre.