Godrej Properties on Monday announced that it has acquired approximately 90-acre land parcel in Khalapur – Raigad in Maharashtra. The land, it added, is located near Karjat Khopoli Road and is estimated to have a development potential of approximately 1.7 million square feet of saleable area comprising primarily of residential plotted development.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “Residential plotted development has gained significant traction in recent years. Khalapur is a promising upcoming location. Hence following the excellent response to our last development, Godrej Hillview Estate, we aim to expand our presence in the region. We will aim to build an outstanding residential community that creates long-term value for its residents.”
Located about 70 kilometres from Mumbai, Khalapur is a scenic area featuring well established social and civic infrastructure, including several schools, healthcare facilities, shopping malls, and entertainment venues. The land is in proximity to the Mumbai Trans Harbour Link and the Mumbai-Pune Expressway, providing excellent connectivity to Mumbai, Navi Mumbai, and Pune.
Earlier this month, the company posted its fiscal first quarter earnings with an over four-fold jump in net profit at Rs 520 crore as compared to Rs 125 crore in corresponding quarter of previous financial year. The jump in profit was aided by lower taxes and expenses. The company said it was highest-ever net profit for it. However, the company’s revenue from operations fell 21 per cent to Rs 739 crore in Q1FY25 as compared to Rs 936 crore in Q1FY24.