Godrej Properties set to buy 50-acre parcel at Palghar

Godrej Properties Ltd has entered into an agreement for outright purchase of a 50-acre land parcel in Manor, Palghar. The proposed project on the land will offer a booking value potential of approximately Rs 5 billion, the company said in a media release. The company’s managing director and chief executive Mohit Malhotra said, “The post-Covid demand for premium second homes has seen an uptick. This project will address that consumer segment, and complements our strategy of deepening GPL's presence across residential micro markets.” It is estimated to have a developable potential of approximately 1.2 million sq ft of saleable area, comprising primarily of residential plotted development. The company recently acquired approximately 7 acres of land in the vicinity of Indiranagar, Bengaluru. This project is estimated to have a developable potential of approximately 0.6 million sq ft of saleable area. It has an estimated booking value potential of approximately Rs 7.50 billion. Godrej Properties had also acquired 0.5 acres land parcel from the Karam Chand Thapar (KCT) Group to develop a luxury project near the upmarket Carmichael Road in Mumbai. This project has an estimated booking value potential of approximately Rs 12 billion. See also: With 340,000 unsold units in Mumbai, developers are under pressureTrident Realty acquires 200-acre land in Panchkula