Godrej Properties Emerge As Highest Bidder to Develop Rs 3500-Cr Residential Project in Kharghar 

Mumbai / October 16, 2024: Mumbai, October 16, 2024: Godrej Properties Ltd. (GPL) announced on Wednesday that it has secured the top bid for developing a group housing project in Sector 5-A, Kharghar, through an e-auction conducted by the City and Industrial Development Corporation of Maharashtra (CIDCO). The project spans 6.54 acres and will have a development potential of approximately 2 million square feet, offering premium residential apartments in various configurations. The estimated revenue potential from the development is around Rs 3,500 crore, the company said in a press release.

Sector 5-A, Kharghar, enjoys excellent 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, the statement added. 

Gaurav Pandey, MD & CEO, Godrej Properties, said, “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.”

* On the basis of current business assumptions.