Godrej Properties has acquired 6.54 acres of land in Navi Mumbai's Kharghar area for 717 crore on a 60-year lease. This acquisition, made through a CIDCO auction, involves three contiguous land parcels. The deal, which includes a stamp duty payment of over 35 crore, was finalized on March 19, 2025, after an earlier announcement in October 2024 that Godrej Properties had emerged as the highest bidder for the land.
The project will offer around 2 million square feet of development potential, set to feature premium residential apartments in various configurations. The project has an estimated combined revenue potential of 3,500 crore, further solidifying the developer's presence in the rapidly growing Navi Mumbai real estate market.
This acquisition aligns with the company’s strategy to expand its footprint in key Indian real estate markets. The strategic location in Kharghar is expected to benefit from ongoing infrastructure improvements, including the operational Atal Setu and the upcoming Navi Mumbai International Airport (NMIA), which are driving increased demand for both residential and commercial properties in the region.