Bengaluru, May 1 -- One branch of the Godrej family could enter property development in future under the terms of their family agreement, though some riders in the treaty may limit its short-term growth, even as the other branch already operates in real estate.

For long, Godrej & Boyce Mfg Co. Ltd owned the group's land assets, while Godrej Properties Ltd did the property development. Following the division, Nyrika Holkar, whose family branch will own Godrej & Boyce, is free to build a real estate business, while her older cousin Pirojsha Adi Godrej from the other branch leads Godrej Properties.

Under the family agreement disclosed to the exchanges on Tuesday night, Jamshyd Godrej-owned Godrej & Boyce Manufacturing Co. Ltd cannot buy ne...