The said land parcel is estimated to have a development potential of approximately 1.7 million square feet of saleable area comprising primarily of residential plotted development.

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.

The planned Navi Mumbai International Airport is expected to further enhance access to Khalapur and its neighbouring regions.

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.”

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 30 June 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.

The company reported its highest ever consolidated net profit of Rs 520.05 crore in Q1 FY25, steeply higher than Rs 124.94 crore posted in Q1 FY24. Revenue from operations declined 21.05% year on year to Rs 739 crore in Q1 FY25 from Rs 936.09 crore recorded in the same period a year ago.

The scrip fell 1.33% to currently trade at Rs 2886.35 on the BSE.