Godrej Properties buys land in popular second home destination near Mumbai
Real estate developer Godrej Properties Ltd has entered into an agreement for outright purchase of a land parcel in the micro market of Manor, Palghar – a popular weekend destination about 100 km from Mumbai. Spread across 50 acres, the proposed project is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development, the company said.
Manor, Palghar, Boisar, and Wada are popular weekend destinations of historic and religious significance and have become popular investment micro-markets.
“Manor is a self-sufficient town with good infrastructure consisting of numerous schools, colleges, hospitals, and marketplaces. The subject land parcel is in proximity to the Mumbai-Ahmedabad Highway which connects major cities of Maharashtra and Gujarat. The proposed Mumbai-Ahmedabad bullet train will also have its station close to Manor in Boisar,” said Godrej Properties.
“Manor is a promising micro-market for plotted development and we are happy to add this project to our portfolio. Post-Covid demand for premium second homes has seen an uptick. This project will address that consumer segment and complements our strategy of deepening GPL’s presence across residential micro markets,” said Mohit Malhotra, MD & CEO, Godrej Properties.
The real estate market in India is expected to remain buoyant. Housing sales are likely to hit an all-time high this year at 3.6 lakh units in seven major cities on a strong demand across all price categories despite hardening of interest rates on home loans and property rates, according to Anarock.
The previous high was recorded in 2014 when housing sales stood at 3,42,980 units across primary markets (fresh sales only) of seven major cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
“2022 will create residential market history in India, having already breached all previous highs and continuing to witness strong sales momentum in the ongoing festive season,” Anarock group Chairman Anuj Puri said.
“Homeownership sentiment retained the vibrancy ushered in by the COVID era – despite interest rates hikes (by RBI) of 190 basis points, increased property rates, and the conspicuous lack of festive season offers and discounts this year,” he added. (With Agency Inputs)
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