Godrej Properties buys land in Carmichael Road
Godrej Properties is one of the most renowned and tursted name in the real estate market in India has acquired a land parcel in Carmichael Road from Karam Chand Thapar (KCT) Group through its real estate arm Indian City Properties Ltd (ICP).
Established in 1939, ICP is a boutique developer of ultra-premium
commercial properties and has registered office in Kolkatta and Corporate Head Quarters in New Delhi. This property in Carmichael Road has been with the group for 70 odd years.
Carmichael Road is one of the most sought after Super Premium Real Estate Market in South Mumbai. Located off Peddar Road while coming from Worli Side once you turn left as soon as you climb up, you are in absolute peace and tranquil environment. Carmichael Residences by Peninsula Land was the last developed Brand New Building on that stretch. Carmichael Road has Buildings like Landmark, Usha Kiran, Normandie, Silvanroche, Pemino, Chitrakoot which are a few premium apartment buildings besides the Japanese Consulate and the BMC Commissioner Bunglow.
The rates in Carmichael Road can be as high as Rs.80000/- PSF to Rs.125,000/- PSF. The piece of land acquired by Godrej is just around half an acre yet the commercial value for the sale will be around 1200 Crores as envisaged by Godrej Properties. The Carmichael Road and Altamount Road is very very high profile market - Mr.Mukesh Ambani is right there with Antilia and Lodha Altamonte is a fully sold out building with super luxury apartments.
One of the last transactions reported in Lodha Altamonte by the Lodha Group registered on March 24, 2022 was for an area of 5010 Sq.Ft sold at 55.0 Cr making it an effective rate of Rs.109784 PSF. A transaction in Chitrakoot at the End of Carmichael Road was registered on December 14, 2021 of an area of 2050 sq.ft for 19 Cr giving an effective rate of of Rs.92,683 PSF.
Godrej Properties will be able to easily sell the inventory they make to the discerning buyers in the location as there is already a rate established in the location. This acquisition will strengthen the Godrej Properties luxury portfolio in South Mumbai.
It will be interesting to see if Godrej Properties makes Super Luxury apartments with larger floor plates or smaller 3 or 4 BHK apartments as the Demand for smaller unit is much higher and easier to sell in Carmichaeal Road as there is no major inventory on Sale in the neighboring buildings and with proximity to Worli, Lower Parel and Bandra and Airport its the most exclusive address with the superb connectivity to go further South towards Nariman Point or towards Bandra. With coastal road coming up in a few years a lot of traffic from the Peddar Road will disappear giving the location further impetus.