Godrej Properties said that it has agreed to make an outright purchase of a land parcel to execute a residential project in Manor, Palghar in Maharashtra.

Spread over nearly 50 acres, the proposed residential project is projected to have a developable potential of around 1.2 million square feet of saleable area. It is made up of mainly residential plotted development.

According to Godrej Properties, Manor, Palghar, Wada, and Boisar because of their popularity as weekend destinations of both historic and religious significance have become popular investment micro-markets.

The Indian real estate developer said that the land parcel in Manor is located near the Mumbai-Ahmedabad Highway, which connects key cities of Maharashtra and Gujarat.

Mohit Malhotra — Godrej Properties MD and CEO said: “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.”

  Godrej Properties, India, Maharashtra, Manor, Mohit Malhotra, Palghar, Real estate industry news