Godrej Properties buys residential land in Manor-Palghar, Maharashtra

3 Nov 2022 , 10:18 AM

Godrej Properties Ltdon Thursday has announced that it has entered into an agreement for outright purchase of a land parcel in the fast-developing micro market of Manor, Palghar.

The proposed project is spread across ~ 50 acres and is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development.

In a regulatory filing, the company said, “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 including 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.”

At around 10:21 AM, Godrej Properties Ltd is currently trading at Rs1,248 per share up by Rs6.9 or 0.56% from its previous closing of Rs1,241.10 per share on the BSE.

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