Godrej Properties acquires CIDCO land in Navi Mumbai for Rs 717 crore

Earlier, in October 2024, the company had emerged as the highest bidder for these plots with a revenue potential of Rs 3,500 crore

Godrej Properties Limited (GPL) has acquired three contiguous land parcels on lease from the City and Industrial Development Corporation (CIDCO) in Navi Mumbai’s Kharghar for ₹716.58 crore, according to property registration documents accessed by Square Yards from the Inspector General of Registration (IGR).

 

In October 2024, the company had emerged as the highest bidder for these plots, which have an estimated revenue potential of ₹3,500 crore.

 

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.”

 

According to auction-related documents reviewed earlier by Business Standard, the company acquired plots numbered 17, 18, and 19 in Sector 5-A of Kharghar.

 

The average base price for the plots was more than ₹1.6 lakh per square metre, while the winning bid averaged ₹2.7 lakh per square metre—1.7 times the base price.

 

The land parcels, which come with a floor space index (FSI) of 1.5, are intended for residential and commercial development, as per the documents.

 

The total area of the land spans 26,478 square metres (2.64 hectares or 6.54 acres), with a development potential of about 2 million square feet, primarily comprising premium residential apartments of varied configurations.

 

According to the IGR documents, the lease transaction incurred a total stamp duty of ₹35.82 crore. Each registration required a fee of ₹30,000. The lease agreements are valid for a tenure of 60 years. All transactions were registered on March 19, 2025.

 

Kharghar is a well-planned residential locality in Navi Mumbai, developed by CIDCO. It offers good connectivity through the Mumbai-Pune Expressway, Sion-Panvel Highway, and the upcoming Navi Mumbai Metro.

 

The proposed International Corporate Park (ICP) by CIDCO in Kharghar is expected to emerge as a key business hub with modern office infrastructure and amenities.

 

According to Square Yards’ Data Intelligence, 4,112 residential sale transactions amounting to a gross transaction value of ₹3,771 crore were registered with the IGR in Kharghar between January 2024 and December 2024. The average property price in the locality stood at ₹17,600 per square foot as of December 2024.