Godrej Prop acquires 6.5 acres on 60-yr lease in Navi Mumbai for Rs 717 cr

Godrej Properties has acquired three contiguous land parcels on lease from City and Industrial Development Corporation (CIDCO) in Navi Mumbai’s Kharghar, as per property documents accessed by Square Yards.

 

According to property registration documents reviewed by Square Yards on the website of the Inspector General of Registration (IGR) https://igrmaharashtra.gov.in, the total land area is 26,478 square meters (2.64 hectare/ ~6.54 acre), with a total value of Rs 716.58 crore. All the transactions were registered in March 2025.

 

The three contiguous land parcels span a total of 6.54 acres. The transaction incurred a total stamp duty of Rs 35.82 crore. Each transaction registration required a registration fee of Rs. 30,000. All the agreements have a total tenure of 60 years. The land has mixed-use zoning, including residential and commercial only, as per the transaction agreement.

 

 

In October 2024, Godrej Propertes had announced that it emerged as the highest bidder for the development of a group housing project in Navi Mumbai, following a City and Industrial Development Corporation (CIDCO) auction.

 

The plots will offer a development potential of around 2 million sq ft, comprising premium residential apartments of varied configurations.  The project has an estimated combined revenue potential of around Rs 3,500 crore, Godrej Properties had said in October.

 

 “Navi Mumbai is currently witnessing a significant surge in real estate activity, largely attributed to extensive infrastructure upgrades in the region. The operational status of the Atal Setu and the impending completion of the Navi Mumbai International Airport (NMIA) are pivotal factors driving this increased demand for residential and commercial properties. 

 

Our data indicates a 35% YoY increase in registered residential transactions in Q4 (October-December) 2024, with key nodes like Kharghar, Vashi, Belapur CBD, and Panvel leading the charge. Developers are actively expanding their footprint, launching large-scale projects, and recent land transactions underscore their confidence in the region’s growth potential. The combination of connectivity augmentation and upcoming commercial developments is anticipated to create a dynamic environment conducive to real estate growth across various asset classes," said Anand Moorthy, Co-founder and CBO, Capital Market & Services at Square Yards.

 

Kharghar is a well-planned residential locality in Navi Mumbai, developed by CIDCO. The area offers good connectivity via the Mumbai-Pune Expressway, Sion-Panvel Highway, and the upcoming Navi Mumbai Metro, enhancing accessibility to key business hubs. It also has a strong social infrastructure, featuring established schools, hospitals, and retail centers. The proposed International Corporate Park (ICP) by CIDCO in Kharghar, aims to become a significant business hub featuring modern office spaces and amenities.

 

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

 

GPL has added eight new projects in year-to-date FY25 with a total estimated saleable area of approximately 11 million sq ft and total estimated booking valueof about Rs 12,650 crore.

 

Godrej Properties Limited (GPL) is one of India's leading real estate developers and a subsidiary of the Godrej Group, a conglomerate with a legacy of over 125 years. Headquartered in Mumbai, Godrej Properties operates in 12 cities across India. In 2010, Godrej Properties became a publicly listed company following a successful IPO, raising USD 100 million.           

 

The City and Industrial Development Corporation of Maharashtra (CIDCO) is a city planning agency and government authority under the Government of Maharashtra. Established in 1970, CIDCO plays a crucial role in urban infrastructure development, city planning, and affordable housing projects in the state.