Godrej Properties Buys 90-Acre Land Parcel in Khalapur, Raigad for Premium Residential Development
Strategic Expansion in Emerging Location
Godrej Properties has boosted its footprint in the Mumbai Metropolitan Region (MMR) by acquiring a 90-acre land parcel in Khalapur, Raigad district. This plot, located near Karjat Khopoli Road, offers great connectivity to Mumbai, Navi Mumbai, and Pune, making it a top spot for residential development.
Development Plans and Market Potential
The parcel has development potential of around 1.7 million square feet of saleable area, mainly for residential plotted development – a property type that's gaining popularity in India’s real estate market. Gaurav Pandey, MD and CEO of Godrej Properties, highlighted Khalapur’s rising importance, saying: (“We plan to create an exceptional residential community that offers long-term value for its residents”).
Key Benefits of the Location:
- Mumbai Trans Harbour Link and Mumbai-Pune Expressway provide easy communication between cities.
- Upcoming Navi Mumbai International Airport set to boost regional accessibility.
- Part of Mumbai’s suburban growth corridor, matching the growing demand for organized residential areas.
Market Context and Strategic Considerations
The acquisition fits with Godrej Properties’ plan to take advantage of high-potential markets. After the success of its Godrej Hillview Estate project, the company is expanding in Khalapur, a region experiencing growth driven by infrastructure. This deal boosts Maharashtra’s real estate, especially for premium residential properties.
Recent Moves in NCR Alongside this deal, Godrej Properties also secured two land parcels in Greater Noida through e-auction, strengthening its pan-India expansion strategy. This dual focus on Mumbai and Delhi-NCR shows the developer’s goal to dominate key metropolitan areas.
Financial and Operational Highlights
- Land Cost: Estimated at ₹150 crore based on industry sources.
- Project Focus: Emphasizes community-centric development with integrated infrastructure.
- Long-Term Vision: Targets affluent buyers looking for spacious, well-equipped living spaces in peri-urban areas.
Outlook for Investors and Homebuyers
This project highlights opportunities in Khalapur’s growing real estate market. With travel times to Mumbai shrinking due to planned highways and transit hubs, the demand for luxury plotted developments is expected to increase. Godrej Properties’ strong branding and proven track record position it to attract premium buyer segments effectively.