Godrej Properties Ltd. (GPL) announced it has emerged as the highest bidder for three adjoining land parcels in Kharghar, Navi Mumbai.
The auction, conducted by the City and Industrial Development Corporation of Maharashtra (CIDCO), saw GPL winning the bid for plots totaling 6.54 acres.
As reported by the Hindustan Times, the land parcels are located in Sector 5-A, Kharghar, a well-connected area within the Mumbai Metropolitan Region (MMR). The project has a development potential of around 2 million square feet and is estimated to generate a combined revenue potential of ₹3,500 crore, according to a company statement.
Sector 5-A in Kharghar benefits from excellent connectivity to key transit hubs. The area is linked to Kharghar and CBD Belapur railway stations, ensuring smooth access to the suburban train network. Additionally, the Sion-Panvel Expressway and nearby metro connectivity enhance the location’s appeal for commuters.
Kharghar is part of a growing residential and commercial node, with a robust social infrastructure that includes healthcare facilities and educational institutions. The project will also offer residents picturesque views of the Kharghar Hills, further adding to its attraction as a premium residential destination.
Gaurav Pandey, managing director and CEO of Godrej Properties, highlighted the strategic importance of the Kharghar micro-market, saying, “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.”
The project will feature premium residential apartments of varied configurations, catering to a diverse range of homebuyers in the Navi Mumbai region.
The Kharghar bid comes amid an active period of expansion for Godrej Properties. In its July-September operational update, the company reported the addition of six new land parcels in the second quarter of the fiscal year, contributing to a total estimated booking value of ₹9,650 crore.
Over the first six months of this fiscal year, Godrej Properties added eight new land parcels, bringing the total saleable area to around 11 million square feet, with an estimated total booking value potential of ₹12,650 crore.
The company also recorded its highest-ever sales booking value for the first half of a fiscal year, reaching over ₹13,800 crore, a growth of 89% compared to the same period last year.
The Kharghar acquisition is a key part of Godrej Properties’ larger goal of expanding its presence in high-demand urban markets across India. As Navi Mumbai continues to grow as a real estate hub, the strategic location and development potential of this project are expected to draw significant interest from both homebuyers and investors.
The premium residential development in Sector 5-A, Kharghar, is poised to capitalize on the area’s connectivity, infrastructure, and scenic landscape, reinforcing Godrej Properties’ position as a leading player in the Indian real estate sector.