Leading real estate developer Godrej Properties on November 3 announced that it has entered into an agreement for outright purchase of a land parcel spread across 50 acres in the micro market of Manor, Palghar.
The proposed project is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plot development, the company said in a regulatory filing.
Also Read: Godrej Properties eyes Rs 8,000 crore sales revenue from housing project in Delhi's Ashok Vihar
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 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.
"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 Godrej's presence across residential micro markets,'' said Mohit Malhotra, MD & CEO, Godrej Properties.
At 11:42 am, shares of Godrej Properties were trading 0.39 per cent higher at Rs 1,245.95 apiece on the BSE.
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