NeoLiv buys 17.5-acre land parcel in Khopoli for plotted development

The area around Khopoli has emerged as a major market for plotted development projects

Plotted development player NeoLiv has entered into an agreement to purchase 17.5 acres of land in Khopoli on the outskirts of the Mumbai metropolitan region.

The land will be used to develop a "marquee" plotted development project with an investment of Rs 150 crore, having a saleable area of 360,000 square feet, the developer said in a statement on August 21.

"This acquisition represents a significant milestone for NeoLiv as we announce our key plotted development project in the most sought-after micro-market in the country,"NeoLiv founder and CEO Mohit Malhotra said.

Backed by ultra-high net worth investors “through our SEBI-approved fund”, the company is committed to delivering exceptional living experiences that will set new benchmarks for residential developments, he said.

Founded by Malhotra, a former managing director and CEO of Godrej Properties, NeoLiv is backed by financial services firm 360 ONE. The firm's projects are backed by alternative investment funds, with the company having launched another project, the Grandpark, near Sonepat in Haryana.

The Khopoli project is one-hour drive away from the under-construction Navi Mumbai international airport as well the Atal Setu and is close to the Imagicaa theme park, the developer said.

Khopoli and the nearby areas such as Neral, Khalapur, Karjat and Panvel have emerged as major destinations for large developers in the plotted projects segment.

Well-known real estate players such as Godrej Properties and House of Abhinandan Lodha as well as local developers have set up projects in the area.

While such projects were intended as weekend destinations or investment properties, new infrastructure such as the Atal Setu, which has eased access into Mumbai, as well as the Alibaug-Virar multimodal corridor, have made the area attractive for primary residences as well.