Godrej Properties has acquired 90 acres of property in Khalapur, Maharashtra

By Bricksnwall | 2024-08-12

Mumbai real estate: The land in Maharashtra has a development potential of around 1.7 million square feet of residential plotted development.

Godrej Properties Ltd reported on August 12 that it had bought a 90-acre land tract in Khalapur - Raigad, Maharashtra, with a development potential of roughly 1.7 million square feet of saleable area, principally for residential planned construction.

Residential planned development has grown significantly in recent years. Khalapur is a potential new location. As a result of the positive response to our most recent development, Godrej Hillview Estate, we intend to increase our footprint in the region. "We will strive to create an outstanding residential community that generates long-term value for its residents," stated Gaurav Pandey, MD and CEO of Godrej Properties.

The location

The land is located in Khalapur, about 70 miles from Mumbai, and is close to the Mumbai Trans Harbour Link and the Mumbai-Pune Motorway, making it easily accessible to Mumbai, Navi Mumbai and Pune. The Navi Mumbai International Airport is expected to substantially boost connectivity to Khalapur and its adjacent regions, according to the statement.

On August 9, Godrej Properties Ltd (GPL) confirmed its participation in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA) for residential group housing plots. GPL emerged as the highest bidder for two land parcels with a total combined bid value of ₹842 crore, according to the SBI e-tendering portal.

Godrej Properties has significant presence in the Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Pune, and Bengaluru markets. In the previous financial year, Godrej Properties was the largest listed real estate firm in terms of sales bookings, selling properties worth over ₹22,000 crore.

Source: Hindustan Times