In a significant move, Godrej Properties Ltd (GPL) has acquired a 6.54-acre land parcel from the City and Industrial Development Corporation (CIDCO) in Kharghar, Navi Mumbai, for approximately ₹716.58 crore.
The acquisition comprises three contiguous plots totaling 26,478 square meters, secured on a 60-year leasehold basis. The transaction incurred a stamp duty of ₹35.82 crore, with each registration requiring a fee of ₹30,000, as per documents reviewed by Square Yards.
The land is designated for mixed-use development, encompassing both residential and commercial projects. This strategic acquisition aligns with Godrej Properties’ expansion plans in the Mumbai Metropolitan Region (MMR), following their recent procurement of a 10-acre land parcel in Yelahanka, Bengaluru.
Kharghar’s prominence as a real estate hub is bolstered by infrastructural developments such as the upcoming Navi Mumbai International Airport and enhanced connectivity through the Mumbai Trans Harbour Link. These advancements are expected to amplify the region’s appeal to investors and developers from across the country.
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