Godrej Properties adds a ~50 acres' residential project in Manor-Palghar, Maharashtra

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has entered into an agreement for outright purchase of a land parcel in the fast developing micro market of Manor, Palghar.

Spread across ~ 50 acres, the proposed project is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development. The project will offer a booking value potential of approximately INR 500 crore*.

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."

*On the basis of the current business assumptions.

Source : Equity Bulls

Keywords

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