Godrej Properties Expands with Strategic Land Acquisition in Navi Mumbai

Godrej Properties has acquired 6.5 acres in Kharghar, Navi Mumbai, from CIDCO for Rs 717 crore. This strategic acquisition, announced in October 2024, is aimed at developing residential and commercial projects. It reflects the company's strategy to leverage strong consumer demand and tap into the lucrative Mumbai Metropolitan Region.

Godrej Properties has made a significant acquisition of three contiguous land parcels, totaling 6.5 acres, in Kharghar, Navi Mumbai. The deal, valued at Rs 717 crore, secures the land on a 60-year lease from the City and Industrial Development Corporation (CIDCO).

According to property consultant Square Yards, the land will be strategically used for mixed zoning, integrating both residential and commercial projects. This acquisition aligns with Godrej's October 2024 announcement on developing the Mumbai Metropolitan Region, possessing a revenue potential of Rs 3,500 crore.

Real estate activity has been bustling in Kharghar. Between January and December 2024, 4,112 residential sales transactions were registered with a gross value of Rs 3,771 crore, highlighting the promising real estate dynamics and fortifying Godrej's strategic expansion plans.

(With inputs from agencies.)