Godrej Properties acquires 90 acre land parcel in Maharashtra for residential project; check details

In a filing to the stock exchanges on August 12, the company said that it had acquired a 90-acre land parcel in the Khalapur area of Raigad district in Maharashtra.

The reality firm said that the property is close to Karjat Khopoli Road and has a potential of about 1.7 million square feet of residential plotted development.

The acquired property is about 70 kilometres from Mumbai. Khalapur has a well-established municipal and social infrastructure, including several schools, hospitals, commercial centres, and entertainment venues. The site has good access to Mumbai thanks to its closeness to the Mumbai-Pune expressway and the Mumbai trans harbour link between Pune and Navi Mumbai, the company informed the stock exchanges.

Commenting on the acquisition, Gaurav Pandey, MD and CEO of Godrej Properties, said, “Residential plotted development has gained significant traction in recent years. Khalapur is a promising upcoming location. Hence, following the excellent response to our last development, Godrej Hill View Estate, we aim to expand our presence in the region. We will aim to build an outstanding residential community that creates long-term value for its residents.”

Earlier this month, the company emerged as the highest bidder for two land parcels with a combined bid value of ₹842 crore in an e-auction for residential group housing plots by the Greater Noida Industrial Development Authority (GNIDA).

One land parcel, spanning approximately 9.5 acres, is located in Sector Sigma-III, and another land parcel of 8 acres is in Sector 12 of Greater Noida. Both the land parcels will a combined 3.75 million square feet of plotted residential development. The residential projects are estimated to have a revenue potential of more than ₹5,000 crore.

Godrej Properties shares are trading 0.32% lower at ₹2,916 apiece on the NSE at 12:10 pm.