Major Land Acquisition in Kharghar by Godrej Properties
Godrej Properties Limited (GPL) has secured three contiguous land parcels in Kharghar, Navi Mumbai, on a 60-year lease from the City and Industrial Development Corporation (CIDCO) for ₹716.58 crore. According to property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) Maharashtra website, the total land area spans 26,478 square meters (~2.64 hectares/~6.54 acres). All transactions were registered in March 2025.
Navi Mumbai’s Booming Real Estate Market
Navi Mumbai is witnessing a surge in real estate activity, driven by extensive infrastructure developments such as:
- Atal Setu (Mumbai Trans Harbour Link) becoming operational
- The upcoming Navi Mumbai International Airport (NMIA)
These projects have significantly boosted demand for residential and commercial properties in Navi Mumbai, particularly in Kharghar, Vashi, Belapur CBD, and Panvel.
Anand Moorthy, Co-founder and CBO, Capital Market & Services at Square Yards, emphasized this growth, stating:
“Our data shows a 35% YoY increase in registered residential transactions in Q4 (October-December) 2024. Developers are aggressively expanding their presence, launching large-scale projects. The combination of improved connectivity and upcoming commercial developments is set to create a dynamic environment for real estate growth across various asset classes.”
Kharghar: A Thriving Real Estate Hub
Kharghar, a well-planned residential and commercial locality in Navi Mumbai, is developed by CIDCO and offers excellent connectivity via:
- Mumbai-Pune Expressway
- Sion-Panvel Highway
- Upcoming Navi Mumbai Metro
The area also boasts strong social infrastructure, featuring renowned schools, hospitals, retail centers, and entertainment zones.
Further strengthening Kharghar’s potential, CIDCO has proposed the International Corporate Park (ICP), an ambitious business district set to include modern office spaces and world-class amenities, boosting economic activity and employment opportunities.
Inside the Godrej Properties-CIDCO Land Deal
According to IGR property registration documents reviewed by Square Yards, Godrej Properties Limited leased three contiguous land parcels spanning a total of 26,478 square meters (~2.64 hectares/~6.54 acres).
- Total lease value: ₹716.58 crore
- Total stamp duty paid: ₹35.82 crore
- Registration fee: ₹30,000 per transaction
- Lease tenure: 60 years
- Zoning: Mixed-use (residential and commercial)
This strategic acquisition is expected to pave the way for new residential and commercial developments, further reinforcing Godrej Properties’ presence in Mumbai’s growing real estate sector.
Kharghar’s Real Estate Market Performance
As per Square Yards Data Intelligence, Kharghar recorded 4,112 residential sale transactions between January 2024 and December 2024, with a total transaction value of ₹3,771 crore.
- Average property price: ₹17,600 per sq. ft. (as of December 2024)
This data highlights strong buyer demand and rising property values, making Kharghar a prime location for large-scale real estate investments.
About Godrej Properties Limited and CIDCO
Godrej Properties Limited (GPL)
Godrej Properties is a leading real estate developer in India and a subsidiary of the Godrej Group, a 125-year-old conglomerate. Operating in 12 cities, Godrej Properties became a publicly listed company in 2010, raising USD 100 million through its IPO. The company is known for its sustainable and innovative real estate projects across India.
City and Industrial Development Corporation of Maharashtra (CIDCO)
Established in 1970, CIDCO is a city planning and urban development authority under the Government of Maharashtra. It plays a vital role in infrastructure planning, city development, and affordable housing projects in Navi Mumbai and other regions.
Conclusion: A Strategic Move in Navi Mumbai’s Growth Story
Godrej Properties’ ₹717 crore land acquisition in Kharghar is a strategic move, capitalizing on Navi Mumbai’s rapid urbanization and rising real estate demand. With infrastructure upgrades, a booming commercial sector, and increasing residential demand, this investment is set to contribute to Kharghar’s transformation into a premium real estate destination in the coming years.
