Godrej Properties secures 3 adjoining plots totalling 6.5 acres in Mumbai

The three adjoining plots measuring nearly 6.5 acres are located in Kharghar, MMR

Godrej Properties has emerged as the highest bidder for three adjoining plots with a revenue potential of Rs 3,500 crore in Kharghar, Mumbai metropolitan region (MMR), according to the company’s stock exchange filing following auction results announced by the City and Industrial Development Corporation of Maharashtra (CIDCO).

According to the company, the plots, measuring 6.54 acres, offer a development potential of about 2 million square feet (msf), comprising premium residential apartments of varied configurations.

Gaurav Pandey, managing director and chief executive officer of 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.”

 

As per the auction-related documents reviewed by Business Standard, the company purchased plots no. 17, 18, and 19 in sector 5-A of Kharghar.

The average base price for the plots was over Rs 1.6 lakh per square metre (sq m); the company won the bids with an average bidding price of Rs 2.7 lakh per sq m, which is 1.7 times the base price.

Further, the land parcels with a floor space index (FSI) of 1.5 will be used for residential and commercial purposes, according to the documents.

Additionally, on October 1, the company’s board of directors approved a fund raise of Rs 6,000 crore.

Recently, the company recorded its highest-ever booking value, collections, and operating cash flow (OCF) for any second quarter (Q2) and first half (H1) of a financial year. The company’s booking value grew by 3 per cent year on year (Y-o-Y) to Rs 5,200 crore in the second quarter of the ongoing financial year (Q2 FY 2025), while its collections during the same period stood at over Rs 4,000 crore, with Y-o-Y growth of 68 per cent.