Godrej Properties Limited has acquired three contiguous land parcels on lease from the City and Industrial Development Corporation (CIDCO) in Navi Mumbai’s Kharghar. According to property registration documents reviewed by Square Yards on the website of the Inspector General of Registration (IGR) https://igrmaharashtra.gov.in, the total land area is 26,478 square meters (~2.64 hectare/ ~6.54 acre), with a total value of Rs. 716.58 crore. All the transactions were registered in March 2025.
Anand Moorthy, Co-founder and CBO, Capital Market & Services at Square Yards, said, “Navi Mumbai is currently witnessing a significant surge in real estate activity, largely attributed to extensive infrastructure upgrades in the region. The operational status of the Atal Setu and the impending completion of the Navi Mumbai International Airport (NMIA) are pivotal factors driving this increased demand for residential and commercial properties. Our data indicates a 35% YoY increase in registered residential transactions in Q4 (October-December) 2024, with key nodes like Kharghar, Vashi, Belapur CBD, and Panvel leading the charge. Developers are actively expanding their footprint, launching large-scale projects, and recent land transactions underscore their confidence in the region’s growth potential. The combination of connectivity augmentation and upcoming commercial developments is anticipated to create a dynamic environment conducive to real estate growth across various asset classes.”
Kharghar is a well-planned residential locality in Navi Mumbai, which CIDCO developed. The area offers good connectivity via the Mumbai-Pune Expressway, Sion-Panvel Highway, and the upcoming Navi Mumbai Metro, enhancing accessibility to key business hubs. It also has a strong social infrastructure featuring established schools, hospitals, and retail centres. The proposed International Corporate Park (ICP) by CIDCO in Kharghar aims to become a significant business hub featuring modern office spaces and amenities, stimulating economic activity and enhancing the area’s appeal.
According to IGR property registration documents reviewed by Square Yards, Godrej Properties Limited has leased three contiguous land parcels totalling 26,478 square meters (~2.64 hectares/~6.54 acres) from CIDCO. The transaction incurred a total stamp duty of Rs 35.82 crore, with each registration incurring a fee of Rs 30,000. All agreements have a tenure of 60 years. The transaction agreement outlines that the land is zoned for mixed-use, including residential and commercial purposes.
According to data, 4,112 residential sale transactions amounting to a gross transaction value of Rs 3,771 crore were registered with IGR in Kharghar between January 2024 and December 2024. The average property price in the locality stood at Rs 17,600 per sq. ft as of December 2024.
Godrej Properties Limited (GPL) is one of India's leading real estate developers and a subsidiary of the Godrej Group, a conglomerate with a legacy of over 125 years.
