NEW DELHI: Realty firm Godrej Properties on Thursday said it has bought 50 acres of land in Maharashtra to develop plotted residential project with an expected revenue of about Rs 500 crore.
In a regulatory filing, Godrej Properties Ltd informed that it has entered into an agreement for outright purchase of a land parcel in the micro market of Manor, Palghar.
Spread across 50 acres, the proposed project is estimated to have a developable potential of about 1.2 million square feet of saleable area comprising primarily of residential plotted development.
Manor, Palghar, Boisar, and Wada due to their popularity as famous weekend destinations of historic and religious significance have become popular investment micro-markets.
Manor is a self-sufficient town with good infrastructure consisting of numerous schools, colleges, hospitals, and marketplaces. The subject land parcel is in proximity to the Mumbai-Ahmedabad Highway which connects major cities of Maharashtra and Gujarat. The proposed Mumbai-Ahmedabad bullet train will also have its station close to Manor in Boisar.
Mohit Malhotra, MD & CEO, Godrej Properties, said, “Manor is a promising micro-market for plotted development and we are happy to add this project to our portfolio. Post-Covid demand for premium second homes has seen an uptick. This project will address that consumer segment and complements our strategy of deepening GPL’s presence across residential micro markets.”