CIDCO auction: Godrej Properties acquires 6.54 acres in Navi Mumbai for ₹717 crore on a 60-year lease

Mumbai real estate: Godrej Properties had announced earlier that it has emerged as the highest bidder at a CIDCO auction for three contiguous land parcels

Godrej Properties Ltd (GPL) has acquired three contiguous land parcels spanning 6.54 acres in Navi Mumbai's Kharghar area on a 60-year lease for ₹717 crore, as per property registration documents accessed by SquareYards.

Godrej Properties Ltd (GPL) has acquired three contiguous land parcels spanning 6.54 acres in Navi Mumbai's Kharghar area on a 60-year lease for ₹717 crore (Representational photo)(Pixabay)

The documents reveal that GPL paid a stamp duty of over ₹35 crore, along with a registration fee of ₹90,000.

On October 16, 2024, GPL had announced that it emerged as the highest bidder for the development of a group housing project in Navi Mumbai, following a City and Industrial Development Corporation (CIDCO) auction.

The agreement for the three land parcels was officially registered on March 19, 2025, according to the documents accessed by SquareYards.

The plots, measuring 6.54 acres, will offer a development potential of around 2 million sq ft, comprising premium residential apartments of varied configurations. The company said in a statement in October 2024 that the project has an estimated combined revenue potential of around ₹3,500 crore.

“Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across India's key real estate markets. We will aim to build an outstanding residential community that creates long-term value for its residents,” said Gaurav Pandey, MD and CEO of Godrej Properties, in October.

An email query sent to Godrej Properties did not receive a response. If a response is received, the story will be updated.

All about Navi Mumbai's Kharghar

Navi Mumbai is 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," said Anand Moorthy, Co-founder and CBO, Capital Market and Services at Square Yards.

Square Yards 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, Moorthy added.

According to Square Yards' Data Intelligence, 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. As of December 2024, the average property price in the locality stood at Rs. 17,600 per sq. ft.