“Limitless opportunities”

"Consumer goods are a Rs 5,000-crore industry. There are limits to growth. Real estate in India is a Rs 300,000-crore sector. The opportunities are limitless,” said Godrej group chairman Adi Godrej in a talk with Hindustan Times (HT) correspondents, December 10, 2006. While Godrej’s consumer durables business grows 15 percent per year, property prices are doubling annually.

"‘In five years, it will be our main business,’ Godrej said. Today, the property division accounts for just seven percent of the group’s sales.

"At ground zero of the Rs 5,500-crore Godrej group’s great property plans in Vikhroli (are) homes in the Rs 2,000-5,000 per square-foot range (that) will target middle-income families. ‘Multi-storied towers to keep the estate’s greenery intact will be the dominant format,’ Godrej said.”

The soap-making division has already moved to Himachal Pradesh, freeing up around 70 acres, part of which was leased to several corporations, states the article.

The Vikhroli properties will be developed through joint ventures between the two land-owning companies — Godrej Industries and Godrej and Boyce — and the realty arm Godrej Properties, the report stated.

"Once the future of the Land Ceiling Act is settled, the Godrej properties and other industrial units along L.B.S. Marg (in the Eastern suburbs) will begin development,” HT quoted Knight Frank chairman, Pranay Vakil.

The Godrej group owns 3,892 acres at Vikhroli according to government estimates, states the report. However the ownership of 1,000 acres is in litigation between the state and the Godrej group.