Godrej Properties Acquire 6.54 Acres Worth Rs.717 Crores in Navi Mumbai

Godrej Properties Limited (GPL) has recently acquired three adjacent land properties spanning across 6.54 acres in Navi Mumbai's Kharghar area on a 60-year lease for Rs. 717 crores. The registration documents reveal the stamp duty of over Rs. 35 crores, along with a registration fee of Rs. 90,000. The land has mixed-use zoning, comprising residential and business only, as per the transaction agreement.

In October 2024, following the City and Industrial Development Corporation (CIDCO) auction, GPL announced that it was the highest bidder for the development of the group housing project in Navi Mumbai.

The 6.54-acre plots have the potential to be developed into approximately 2 million square feet of luxury residential apartments in a variety of layouts. In a statement released in October 2024, the company predicted that the project might generate approximately Rs. 3,500 crore in total income.

Gaurav Pandey, MD and CEO of Godrej Properties said, “Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across India's key real estate markets. We will aim to build an outstanding residential community that creates long-term value for its residents.”

Between January 2024 and December 2024, 4,112 residential sale transactions totaling a gross transaction value of Rs. 3,771 crore were registered with IGR in Kharghar, with the average property price in the area being Rs. 17,600 per square foot as of December 2024, according to Square Yards' Data Intelligence.