In a Major Boost to Palghar Real Estate, Godrej Properties Acquires a 50 Acre Land Parcel in Manor, Near Mumbai
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- 3rd Nov 2022
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Godrej Properties, the Godrej Group's real estate development business, has signed into an agreement to purchase a 50-acre block of land in the rapidly developing micro market of the Manor neighbourhood in Palghar, near to Mumbai.
After purchasing the land entirely, Godrej Properties wants to create a residential gated development on the site.
Based on current business forecasts, the company believes that the project will have a potential booking value of around INR 500 crore.
The demand for affordable homes in and near Mumbai remains extremely strong and as per indications the demand for low cost housing in Mumbai will keep increasing the coming years.
Manor in Palghar is a well-known weekend getaway situated around 100 kilometres from Mumbai.
The purchase of this 50-acre land parcel in Manor by Godrej Properties will surely have a positive impact on the Manor real estate market as well as the Palghar real estate industry as a whole.
Godrej Properties believes that the proposed project in Manor has a saleable area potential of about 1.2 million square feet, the majority of which consists of residential plotted development.
Manor, Palghar, Boisar, and Wada are well-known weekend retreats with historical and religious significance, and their micro-investment markets have grown quite popular.
Manor is a self-sufficient town with an outstanding infrastructure that consists of various schools, colleges, hospitals, and marketplaces.
This particular piece of land in Manor is located near to the Mumbai-Ahmedabad Highway, which connects major cities in Maharashtra and Gujarat. The planned Mumbai-Ahmedabad bullet train would stop close to Boisar's Manor.
Mohit Malhotra, managing director and chief executive officer of Godrej Properties, said that this project will help the company's goal of expanding its presence in residential micromarkets and that Godrej Properties was thrilled to add this project to their real estate portfolio since Manor is a micromarket with potential for future growth.
The demand for Indian real estate overall and expensive second homes has also has surged post-Covid.
This trend bodes well for India's real estate market, which has been on the rise since the outbreak of the pandemic.
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