Godrej Properties Buys Land in Navi Mumbai for Rs 717 Cr

New Delhi, Mar 26 (PTI) Realty company Godrej Properties has bought three contiguous land parcels totalling 6.5 acre on lease from CIDCO at Kharghar in Navi Mumbai for Rs 717 crore, according to Square Yards.

Real estate consultant Square Yards in a statement on Wednesday said it has reviewed property registration documents.

The total land area acquired by Godrej Properties is 26,478 square meters (around 6.54 acre), with a total value of Rs 716.58 crore. All the transactions were registered in March 2025.

The land parcels have been acquired on a 60-year lease from City and Industrial Development Corporation (CIDCO).

In October 2024, Godrej Properties Ltd had announced that it has won bids to acquire three adjoining plots totalling 6.5 acres in Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of Rs 3,500 crore.

Square Yards said that the land parcels have mixed-use zoning, including residential and commercial only.

Godrej Properties is one of the leading real estate developers in the country. It has been acquiring land to expand business and encash strong consumer demand.

According to Square Yards, 4,112 residential sale transactions amounting to a gross transaction value of Rs 3,771 crore were registered 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.