Godrej Family Acquires Apartments at Record Rate of ₹1.78 Lakh per Sq Ft on Carmichael Road

Godrej Properties’ chairperson Pirojsha Adi Godrej and his cousin Freyan Crishna Bieri have purchased four luxury apartments in Mumbai's upscale Carmichael Road area at a rate that sets a new benchmark for the locality. The total transaction value stands at ₹290.59 crore, with the properties acquired in the Godrej Carmichael project—a development by the group itself.

The purchases were executed through Ceres Developers, a company where Pirojsha Godrej is a director along with Clement George Pinto, CFO of Godrej Industries. The units were registered in March 2025, with three apartments acquired through Ceres Developers on March 25 and one by Freyan Bieri on March 9.

The transactions are notable not only for the scale of the investment but also for the record per square foot (PSF) rates in the area. The highest recorded PSF rate in this set of deals reached ₹1.78 lakh, exceeding the previous record in the locality. Earlier, JSW had acquired property at Morena House for ₹1.63 lakh per sq ft. While the most expensive real estate deal in Mumbai in terms of PSF remains Uday Kotak’s purchase of the Shiv Sagar building in Worli at ₹2.72 lakh per sq ft, this Carmichael Road deal now ranks among the top in South Mumbai’s residential market.

Freyan Bieri purchased a 4,359.92-sq ft apartment on the 22nd floor for ₹74.02 crore, translating to ₹1,69,776 per sq ft. Ceres Developers acquired two identical apartments of 4,359.92 sq ft on the 23rd and 24th floors, priced at ₹75.87 crore and ₹77.77 crore respectively. These prices imply rates of ₹1,74,021 and ₹1,78,372 per sq ft. Additionally, a third apartment of 3,527.54 sq ft on the 25th floor was purchased by Ceres Developers for ₹20.97 crore, also at ₹1,78,372 per sq ft.

These four acquisitions bring significant attention to Godrej Carmichael, a high-rise residential project located off Peddar Road, behind Jindal Mansion. The tower is planned to rise to a height of 119.92 metres and will comprise a basement, ground floor, eight podium levels, and 30 upper floors. The location offers views of the Arabian Sea, the Mahalaxmi Racecourse, and the Willingdon Club.

The project is expected to be completed by December 2030. While high-value residential transactions are not unusual in this micro market—often referred to as Billionaires’ Row—this deal is particularly significant because it involves the promoters of the project acquiring high-floor units at market-topping rates.

The total stamp duty paid across all four transactions amounted to approximately ₹17.5 crore, indicating the scale of investment in one of Mumbai’s most exclusive addresses. Property records from IndexTap reveal that the acquisitions were fully registered and the deal structure followed regulatory norms.

As Mumbai’s luxury housing market continues to attract significant investments from both domestic and global buyers, transactions such as this highlight ongoing demand for premium addresses. With Carmichael Road remaining a preferred choice among business families and corporate executives, the record-setting purchase by the Godrej family reflects their continued confidence in the long-term value of this location.