Godrej Properties Acquires 6.54 Acres in Kharghar, Mumbai for Rs 3,500 Crore
Godrej Properties has emerged as the highest bidder for three adjoining plots in Kharghar, Mumbai, with a revenue potential of Rs 3,500 crore, according to the company’s stock exchange filing following the auction results announced by CIDCO.
Godrej PropertiesKhargharMumbaiReal EstateLand AcquisitionReal Estate MumbaiOct 16, 2024
According to the company, the plots, totaling 6.54 acres, offer a development potential of about 2 million square feet (msf), which will be used to build premium residential apartments of varied configurations. This strategic move aligns with Godrej Properties' vision to strengthen its portfolio in key real estate markets across India.
Gaurav Pandey, Managing Director and Chief Executive Officer of Godrej Properties, expressed his enthusiasm about the new acquisition. 'Our entry into the Kharghar micro-market is in line with our strategy to expand our presence in critical real estate markets. We are committed to developing an outstanding residential community that will create long-term value for its residents,' he said.
The company purchased plots numbered 17, 18, and 19 in sector 5-A of Kharghar. The average base price for these plots was over Rs 1.6 lakh per square metre (sq m), but Godrej Properties won the bids with an average price of Rs 2.7 lakh per sq m, which is 1.7 times the base price. The land parcels, with a floor space index (FSI) of 1.5, will be used for both residential and commercial purposes.
In addition to this significant land acquisition, Godrej Properties has also announced plans to raise funds. On October 1, the company's board of directors approved a fund raise of Rs 6,000 crore. This move is expected to bolster the company's financial strength and support its growth initiatives.
Godrej Properties has been performing exceptionally well in recent quarters. In the second quarter (Q2) and first half (H1) of the current financial year (FY 2025), the company recorded its highest-ever booking value, collections, and operating cash flow (OCF). The booking value grew by 3 per cent year on year (Y-o-Y) to Rs 5,200 crore, while collections during the same period stood at over Rs 4,000 crore, marking a Y-o-Y growth of 68 per cent.
This acquisition and the robust performance highlight Godrej Properties' strong market position and strategic approach to growth. The company continues to focus on delivering high-quality residential and commercial developments that meet the evolving needs of its customers.
Information
Godrej Properties is a leading real estate developer in India, known for its commitment to quality and innovation. The company has a diverse portfolio of residential, commercial, and retail projects across major cities in India. With a strong focus on sustainability and customer satisfaction, Godrej Properties aims to create value for its stakeholders and contribute to the growth of the real estate sector.
Godrej Properties is a part of the Godrej Group, one of India's largest and most trusted business conglomerates. The company has a vision to be the most respected real estate brand in India, known for its excellence in design, construction, and customer service. With a presence in over 21 cities and a development footprint of over 45 million square feet, Godrej Properties is committed to building homes and communities that enhance the quality of life for its residents.
Frequently Asked Questions
How much land did Godrej Properties acquire in Kharghar?
Godrej Properties acquired three adjoining plots totaling 6.54 acres in Kharghar, Mumbai.
What is the revenue potential of the acquired plots?
The acquired plots in Kharghar have a revenue potential of Rs 3,500 crore.
What is the average bidding price per square metre for the plots?
The average bidding price for the plots was Rs 2.7 lakh per square metre, which is 1.7 times the base price of Rs 1.6 lakh per square metre.
What is the development potential of the plots?
The plots offer a development potential of about 2 million square feet (msf), comprising premium residential apartments of varied configurations.
What is the floor space index (FSI) of the acquired plots?
The floor space index (FSI) of the acquired plots is 1.5, allowing for both residential and commercial development.
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