Godrej Properties buys 50 acres land parcel in Palghar

NEW DELHI: Godrej Properties (GPL) has entered into an agreement for outright purchase of a 50 acres land parcel in Manor, Palghar, the company said in a media release.

The proposed project will offer a booking value potential of approximately Rs 500 crore.

Mohit Malhotra, MD & CEO of the company said, “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 land parcel 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 750 crore.

Godrej Properties had also acquired 0.5 acres land parcel from the Karam Chand Thapar (KCT) group to develop a luxury project near Carmichael Road, Mumbai. This project has an estimated booking value potential of approximately Rs 1,200 crore.