Godrej Properties won the competition for three neighbouring properties covering approximately 6.5 acres in MMR

By Bricksnwall | 2024-10-16

The land parcels in Kharghar have a development potential of around 2 million square feet, with a total revenue potential of ₹3,500 crore.

On October 16, Godrej Properties Ltd (GPL) declared that it has emerged as the highest bidder to develop a group housing project at a premium site in Sector 5-A, Kharghar, According to the e-auction portal of the City and Industrial Development Corporation of Maharashtra (CIDCO).

The 6.54-acre plots have the ability to create about 2 million square feet of premium residential flats in various configurations, with a total income potential of approximately ₹3,500 crore, according to a business statement.

Sector 5-A in Kharghar has easy access to vital transportation hubs including as the Kharghar and CBD Belapur Railway Stations, the metro, and the Sion-Panvel Motorway. The region is close to Kharghar's residential node and has a well-developed social infrastructure, including healthcare facilities and educational institutions. According to Godrej Properties, this development will provide amazing views of the Kharghar hills.

"Our foray into the Kharghar micro-market is consistent with our aim to grow our portfolio throughout India's important real estate markets. ""We will strive to create an outstanding residential community that generates long-term value for its residents," said Gaurav Pandey, Godrej Properties' MD and CEO. Operational updates Godrej Properties reported adding eight additional land parcels in the first half of the fiscal year, with an estimated saleable size of 11 million square feet and a booking value potential of ₹12,650 crore.

This included the addition of six new land parcels in the second quarter of this fiscal with an expected booking value of ₹9,650 crore.. From April to September, Godrej Properties experienced an 89% yearly rise in sales booking value, reaching over ₹13,800 crore. This is the highest booking value ever achieved by Godrej Properties during the first half of a fiscal year.

Source: Hindustan Times