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 โน3,500 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.
โOur 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,โ said Gaurav Pandey, MD and CEO, Godrej Properties.
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Operational updates
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 โน12,650 crore.
This included the addition of six new land parcels in the second quarter of this fiscal with an expected booking value of โน9,650 crore.
During the April-September period of this fiscal, Godrej Properties’ sales booking value grew 89 per cent annually to over โน13,800 crore. This is the highest-ever booking value achieved by Godrej Properties during the first half of a fiscal year.
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