Godrej Properties Limited (GPL) has emerged as the highest bidder for three adjacent land plots totaling 6.54 acres in Sector 5-A, Kharghar, Mumbai Metropolitan Region, the company announced today. The land was auctioned through the City and Industrial Development Corporation of Maharashtra (CIDCO).
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The shares of Godrej Properties Limited (GPL) were trading at ₹3,181.85 up by ₹35.20 or 1.12 per cent on the NSE today at 11.20 am.
The developer plans to build a premium residential project with an estimated revenue potential of ₹3,500 crore. The development will offer approximately 2 million square feet of space featuring various apartment configurations.
The project site is strategically located near the Kharghar and CBD Belapur railway stations, with access to metro connectivity and the Sion-Panvel Expressway. The development will overlook the Kharghar hills and is situated close to healthcare facilities and educational institutions.
Gaurav Pandey, MD & CEO of Godrej Properties, stated that the Kharghar project aligns with the company’s strategy to strengthen its presence in key Indian real estate markets.
GPL has maintained a strong market position, emerging as India’s largest developer by residential sales value in FY 2024. The company has also received recognition for its sustainability initiatives, ranking first globally among listed residential developers in the Global Real Estate Sustainability Benchmark for three consecutive years from 2020 to 2022.