Godrej Properties Acquired Land from CIDCO in Navi Mumbai
Real Estate

Godrej Properties Acquired Land from CIDCO in Navi Mumbai

Godrej Properties Limited has acquired three contiguous land parcels on lease from City and Industrial Development Corporation (CIDCO) in Navi Mumbai’s Kharghar. According to property registration documents reviewed by Square Yards on the website of the Inspector General of Registration (IGR) https://igrmaharashtra.gov.in, the total land area is 26,478 sq m (~2.64 hectare/ ~6.54 acre), with a total value of Rs 7.16 billion. All the transactions were registered in March 2025

Anand Moorthy, Co-founder and CBO, Capital Market & Services at Square Yards, said, “Navi Mumbai is currently witnessing a significant surge in real estate activity, largely attributed to extensive infrastructure upgrades in the region. The operational status of the Atal Setu and the impending completion of the Navi Mumbai International Airport (NMIA) are pivotal factors driving this increased demand for residential and commercial properties. Our data indicates a 35% YoY increase in registered residential transactions in Q4 (October-December) 2024, with key nodes like Kharghar, Vashi, Belapur CBD, and Panvel leading the charge. Developers are actively expanding their footprint, launching large-scale projects, and recent land transactions underscore their confidence in the region’s growth potential. The combination of connectivity augmentation and upcoming commercial developments is anticipated to create a dynamic environment conducive to real estate growth across various asset classes.”

Kharghar is a well-planned residential locality in Navi Mumbai, developed by CIDCO. The area offers good connectivity via the Mumbai-Pune Expressway, Sion-Panvel Highway, and the upcoming Navi Mumbai Metro, enhancing accessibility to key business hubs. It also has a strong social infrastructure, featuring established schools, hospitals, and retail centers. The proposed International Corporate Park (ICP) by CIDCO in Kharghar, aims to become a significant business hub featuring modern office spaces and amenities. This development is expected to enhance Kharghar's appeal, stimulating economic activity.

According to IGR property registration documents reviewed by Square Yards, Godrej Properties Limited leased three contiguous land parcels spanning a total of 26,478 square meters (~2.64 hectares/ ~6.54 acres) from CIDCO. The transaction incurred a total stamp duty of Rs. 35.82 crore. Each transaction registration required a registration fee of Rs. 30,000. All the agreements have a total tenure of 60 years. The land has mixed-use zoning, including residential and commercial only, as per the transaction agreement.

According to Square Yards' Data Intelligence, 4,112 residential sale transactions amounting to a gross transaction value of Rs 37.71 billion were registered with IGR in Kharghar, between January 2024 and December 2024. The average property price in the locality stood at Rs 17,600 per sq. ft as of December 2024. Godrej Properties Limited (GPL) is one of India's leading real estate developers and a subsidiary of the Godrej Group, a conglomerate with a legacy of over 125 years. Headquartered in Mumbai, Godrej Properties operates in 12 cities across India. In 2010, Godrej Properties became a publicly listed company following a successful IPO, raising $100 million. The City and Industrial Development Corporation of Maharashtra (CIDCO) is a city planning agency and government authority under the Government of Maharashtra. Established in 1970, CIDCO plays a crucial role in urban infrastructure development, city planning, and affordable housing projects in the state.

Godrej Properties Limited has acquired three contiguous land parcels on lease from City and Industrial Development Corporation (CIDCO) in Navi Mumbai’s Kharghar. According to property registration documents reviewed by Square Yards on the website of the Inspector General of Registration (IGR) https://igrmaharashtra.gov.in, the total land area is 26,478 sq m (~2.64 hectare/ ~6.54 acre), with a total value of Rs 7.16 billion. All the transactions were registered in March 2025 Anand Moorthy, Co-founder and CBO, Capital Market & Services at Square Yards, said, “Navi Mumbai is currently witnessing a significant surge in real estate activity, largely attributed to extensive infrastructure upgrades in the region. The operational status of the Atal Setu and the impending completion of the Navi Mumbai International Airport (NMIA) are pivotal factors driving this increased demand for residential and commercial properties. Our data indicates a 35% YoY increase in registered residential transactions in Q4 (October-December) 2024, with key nodes like Kharghar, Vashi, Belapur CBD, and Panvel leading the charge. Developers are actively expanding their footprint, launching large-scale projects, and recent land transactions underscore their confidence in the region’s growth potential. The combination of connectivity augmentation and upcoming commercial developments is anticipated to create a dynamic environment conducive to real estate growth across various asset classes.” Kharghar is a well-planned residential locality in Navi Mumbai, developed by CIDCO. The area offers good connectivity via the Mumbai-Pune Expressway, Sion-Panvel Highway, and the upcoming Navi Mumbai Metro, enhancing accessibility to key business hubs. It also has a strong social infrastructure, featuring established schools, hospitals, and retail centers. The proposed International Corporate Park (ICP) by CIDCO in Kharghar, aims to become a significant business hub featuring modern office spaces and amenities. This development is expected to enhance Kharghar's appeal, stimulating economic activity. According to IGR property registration documents reviewed by Square Yards, Godrej Properties Limited leased three contiguous land parcels spanning a total of 26,478 square meters (~2.64 hectares/ ~6.54 acres) from CIDCO. The transaction incurred a total stamp duty of Rs. 35.82 crore. Each transaction registration required a registration fee of Rs. 30,000. All the agreements have a total tenure of 60 years. The land has mixed-use zoning, including residential and commercial only, as per the transaction agreement. According to Square Yards' Data Intelligence, 4,112 residential sale transactions amounting to a gross transaction value of Rs 37.71 billion were registered with IGR in Kharghar, between January 2024 and December 2024. The average property price in the locality stood at Rs 17,600 per sq. ft as of December 2024. Godrej Properties Limited (GPL) is one of India's leading real estate developers and a subsidiary of the Godrej Group, a conglomerate with a legacy of over 125 years. Headquartered in Mumbai, Godrej Properties operates in 12 cities across India. In 2010, Godrej Properties became a publicly listed company following a successful IPO, raising $100 million. The City and Industrial Development Corporation of Maharashtra (CIDCO) is a city planning agency and government authority under the Government of Maharashtra. Established in 1970, CIDCO plays a crucial role in urban infrastructure development, city planning, and affordable housing projects in the state.

Next Story
Real Estate

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Next Story
Infrastructure Transport

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

Next Story
Infrastructure Urban

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?