Godrej Properties wins bid for three plots in MMR

Godrej Properties Ltd (GPL) announced on October 16 that it has emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar, according to the e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).
The plots, measuring 6.54 acres, will offer a development potential of around 2 million square feet, comprising premium residential apartments of varied configurations, with an estimated combined revenue potential of around ₹3,500 crore, the company said in a statement.
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Sector 5-A, Kharghar, enjoys connectivity with key transport hubs, including Kharghar and CBD Belapur Railway Stations, metro connectivity as well as the Sion-Panvel Expressway. The area is in proximity to Kharghar residential node and boasts of a well-developed social infrastructure with healthcare facilities and educational institutions. This development will enjoy excellent views of the Kharghar hills, Godrej Properties said in a statement.
“Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India. We will aim to build an outstanding residential community that creates long-term value for its residents,” said Gaurav Pandey, MD and CEO, Godrej Properties.
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In its latest operational updates for the July-September quarter, Godrej Properties had said it had added eight new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and total estimated booking value potential of around ₹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.
During the April-September period of this fiscal, Godrej Properties’ sales booking value grew 89 per cent annually to over ₹13,800 crore. This is the highest-ever booking value achieved by Godrej Properties during the first half of a fiscal year.
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