Godrej Properties Ltd (GPL) has acquired three contiguous land parcels totaling 6.54 acres in Navi Mumbai’s Kharghar area for ₹717 crore on a 60-year lease. This acquisition was made through an auction conducted by the City and Industrial Development Corporation (CIDCO). The official registration of this transaction occurred on March 19, 2025, as indicated by property registration documents reviewed by various sources.
Details of the Transaction
Land Area and Value: The total area acquired is approximately 26,478 square meters (or about 6.54 acres), with a total transaction value of ₹716.58 crore1.
Financial Aspects: The transaction incurred a stamp duty of over ₹35 crore and a registration fee of ₹90,0002. This financial commitment reflects the significant investment Godrej Properties is making in this strategic location.
Development Potential: The acquired land is expected to have a development potential of around 2 million square feet, which will include premium residential apartments with various configurations3. The project is projected to generate an estimated combined revenue potential of approximately ₹3,500 crore4.
Strategic Importance
The acquisition aligns with Godrej Properties’ strategy to strengthen its portfolio across key real estate markets in India. Gaurav Pandey, MD and CEO of Godrej Properties Kharghar, emphasized that their entry into the Kharghar micro-market is part of their broader goal to create long-term value for residents through outstanding residential communities5.
Market Context
Navi Mumbai is currently experiencing a surge in real estate activity due to extensive infrastructure upgrades in the region. Godrej Project Kharghar Key developments such as the operational status of Atal Setu and the upcoming Navi Mumbai International Airport are driving demand for both residential and commercial properties6. Data from Square Yards indicates a significant increase in registered residential transactions in Kharghar, highlighting the area’s growing appeal among developers and investors alike7.
Godrej Properties’ acquisition of 6.54 acres in Navi Mumbai for ₹717 crore on a 60-year lease represents a strategic investment aimed at capitalizing on the region’s growth potential and enhancing their real estate portfolio.
