Godrej Properties Leases Prime CIDCO Land in Kharghar

Godrej Properties Limited (GPL) has acquired three contiguous land parcels on lease from the City and Industrial Development Corporation (CIDCO) in Navi Mumbai's Kharghar for ₹716.58 crore, according to property registration documents accessed by Square Yards from the Inspector General of Registration (IGR). The company acquired plots numbered 17, 18, and 19 in Sector 5-A of Kharghar. All the transactions were registered in March 2025.

In October 2024, the company had emerged as the highest bidder for these plots, which have an estimated revenue potential of ₹3,500 crore. The plots will offer a development potential of around 2 million sq ft, comprising premium residential apartments of varied configurations. The land parcels have been acquired on a 60-year lease from City and Industrial Development Corporation (CIDCO). The land has mixed-use zoning, including residential and commercial only, as per the transaction agreement.

Godrej Properties' strategic entry into the Kharghar micro-market reflects the developer's confidence in the region's rapid transformation. Managing director and chief executive officer of Godrej Properties Gaurav Pandey said, "Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India. We will aim to build an outstanding residential community that creates long-term value for its residents."

Navi Mumbai is witnessing unprecedented momentum in residential real estate, driven by transformative infrastructure developments. According to Square Yards, 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. 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.

Kharghar itself has emerged as one of the region's most sought-after localities. According to Square Yards' Data Intelligence, 4,112 residential sale transactions amounting to a gross transaction value of ₹3,771 crore were registered with the IGR in Kharghar between January 2024 and December 2024. The average property price in the locality stood at ₹17,600 per square foot as of December 2024. Kharghar is a well-planned residential locality in Navi Mumbai, developed by CIDCO. It offers good connectivity through the Mumbai-Pune Expressway, Sion-Panvel Highway, and the upcoming Navi Mumbai Metro.

Beyond residential appeal, the area is set for significant commercial evolution. The proposed International Corporate Park (ICP) by CIDCO in Kharghar is expected to emerge as a key business hub with modern office infrastructure and amenities. This mixed-use evolution positions Kharghar as a comprehensive urban destination, blending residential comfort with employment and commercial opportunities. For homebuyers and investors alike, Godrej's entry signals confidence in the locality's trajectory and marks a pivotal moment in Navi Mumbai's real estate ascendancy.