MUMBAI: Godrej Properties has bought a half acre plot in Carmichael Road for a reported Rs 300 crore. It said in a press release that the property will offer 1.2 lakh sq ft of "luxury residential development near Carmichael Road, an exclusive residential area in Mumbai''. It added, "The estimated revenue potential from the project is approximately Rs 1,200 crore. It is a 100% owned project.'' it added
The land parcel belonged to Karam Chand Thapar Group, which owned the property for around 70 years.
Carmichael Road commands some of the highest property rates in the city, and apartments could fetch a price of over Rs 1 lakh a sq ft. The upper market residential zone was once packed with British-era bungalows, but most have now gone under the hammer and been replaced by plush skyscrapers.
