Godrej Properties Acquires 6.54 Acres in Kharghar

28 Mar 2025 CW Team

Godrej Properties Ltd (GPL) has acquired three contiguous land parcels spanning 6.54 acres in Navi Mumbai's Kharghar on a 60-year lease for Rs 7.17 billion, according to property registration documents accessed by SquareYards. The company paid over Rs 350 million in stamp duty and a registration fee of Rs 90,000.

GPL emerged as the highest bidder for the group housing project in a CIDCO auction held in October 2024. The agreement for the land parcels was officially registered on March 19, 2025. The project is expected to yield approximately 2 million sq. ft. of premium residential development, with an estimated revenue potential of Rs 35 billion.

Gaurav Pandey, MD & CEO of Godrej Properties, stated in October 2024 that the entry into Kharghar aligns with GPL’s strategy to expand in key real estate markets, aiming to build a high-quality residential community.

Kharghar's Rising Real Estate Demand Navi Mumbai's real estate sector is witnessing a surge, driven by major infrastructure upgrades such as the operational Atal Setu and the upcoming Navi Mumbai International Airport. According to Anand Moorthy, Co-founder & CBO at Square Yards, Kharghar, Vashi, Belapur CBD, and Panvel are experiencing strong developer interest.

Square Yards data shows a 35% YoY increase in registered residential transactions in Q4 2024. In Kharghar alone, 4,112 residential sale transactions worth Rs 37.71 billion were recorded in 2024, with property prices averaging Rs 17,600 per sq. ft.

Godrej Properties has yet to respond to queries regarding the acquisition. If a response is received, this story will be updated.

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