Godrej Properties adds a ~50 acres’ residential project in Manor-Palghar, Maharashtra
The project will offer a booking value potential of approximately INR 500 crore*
Mumbai, November 3, 2022: 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.
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.
About Godrej Properties Limited:
Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and
excellence to the real estate industry. Each Godrej Properties development combines a
125-year legacy of excellence and trust with a commitment to cutting edge design,
technology, and sustainability. In FY 2021, Godrej Properties emerged as the largest
developer in India by the value and volume of residential sales achieved. Godrej Properties
has deeply focused on sustainable development. In 2010, GPL committed that all of its
developments would be third party certified green buildings. In 2020,2021 and again in
2022, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst
listed residential developers for its sustainability and ESG practices. In 2017, GPL was one
of the founding partners of the Sustainable Housing Leadership Consortium (SHLC), whose
mission is to spread sustainable development practices across the Indian real estate sector.
In recent years, Godrej Properties has received over 300 awards and recognitions,
including the Porter Prize 2019, The Most Trusted Real Estate Brand in the 2019 Brand
Trust Report, Builder of the
Year at the CNBC-Awaaz Real Estate Awards 2019, and The Economic Times Best Real
Estate Brand 2018.
