Godrej Properties declared highest bidder for 6.5 acre land parcel in Kharghar

Godrej Properties said that it has emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar, according to e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).

The plots, measuring 6.54 acres, will offer a development potential of nearly 2 million square feet, comprising premium residential apartments of varied configurations, with an estimated combined revenue potential of approximately Rs 3,500 crore.

Sector 5-A, Kharghar, enjoys excellent connectivity with key transport hubs, including Kharghar & CBD Belapur Railway Stations, metro connectivity as well as the Sion-Panvel Expressway. The area is in proximity to Kharghar residential node and boasts of well-developed social infrastructure with healthcare facilities and educational institutions.

Gaurav Pandey, MD & CEO, 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.

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 30 June 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.

The company reported its highest ever consolidated net profit of Rs 520.05 crore in Q1 FY25, steeply higher than Rs 124.94 crore posted in Q1 FY24. Revenue from operations declined 21.05% year on year to Rs 739 crore in Q1 FY25 from Rs 936.09 crore recorded in the same period a year ago.

The scrip rose 0.16% to currently trade at Rs 3151.30 on the BSE.

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