Mumbai: The City and Industrial Development Corporation of Maharashtra (CIDCO) has announced the result of auction of three adjoining plots. According to the results, Godrej Properties has emerged as the highest bidder for three adjoining plots with a revenue potential of Rs 3,500 crore in Kharghar, Mumbai metropolitan region (MMR).
With a total area of 6.54 acres, the plots provide a development potential of around 2 million square feet (MSF), which may include premium residential apartments of different configurations, as per the information provided by Godrej Properties.
Vision of building top-tier residential communities
Managing director and chief executive officer of Godrej Properties, Gaurav Pandey said, “By expanding our presence in the Kharghar micro-market, we’re reinforcing our commitment to developing top-tier residential communities in strategic locations across India.”
As per a report published by Business Standards, the company has purchased plots number 17, 18 and 19 in Sector 5-A of Kharghar. The plots had an average base price of over Rs 1.6 lakh per square meter. The company won the bids by offering an average price of Rs 2.7 lakh per square meter, which was 1.7 times the base price. According to the documents, the land parcels with a floor space index (FSI) of 1.5 will be used for residential and commercial purpose.
Company collections surged by 68 per cent
Moreover, fund raise of Rs 6,000 crore has been approved by board of directors of the company. For any second quarter (Q2) and first half (H1) of a financial year, the company has recorded its highest-ever booking value, collections, and operating cash flow (OCF). The company’s Q2 FY 2025 booking value increased by 3 per cent to Rs 5,200 crore, and collections surged by 68 per cent to over Rs 4,000 crore compared to the same period last year.
