Godrej Properties to acquire 50-acre plot in Manor near Mumbai

3 Nov 2022 , 01:53 PM

The Godrej Group’s real estate development subsidiary, Godrej Properties, has agreed to purchase a 50-acre land tract in the rapidly expanding Palghar neighbourhood of Manor, close to Mumbai.

After purchasing the property parcel outright, the corporation intends to build a residential complex on the specified plot.

The overall saleable area for the proposed project is projected to be roughly 1.2 million square feet, mostly made up of plotted development. Based on the existing business assumptions, the project is projected to have a booking value potential of about Rs500 crore.

Due to their reputation as well-known weekend getaways with historical and religious significance, places like Manor, Palghar, Boisar, and Wada have grown to be well-liked investment micro-markets in recent years.

Manor is a self-sufficient community with a decent infrastructure made up of numerous educational institutions, healthcare facilities, and retail establishments. The Mumbai-Ahmedabad Highway, which connects important towns in Gujarat and Maharashtra, is not far from the aforementioned property piece. The proposed Mumbai-Ahmedabad bullet train will stop nearby Manor in Boisar as well.

The company has been taking advantage of consolidation chances presented by real estate sector distress scenarios by leveraging its brand and financial strength.

In order to dramatically expand its development portfolio and promote consolidation with the aid of extra finance, the developer has also been seeking money. It currently has a $1 billion war fund to support its expansion goals.

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