The Mumbai-based real estate developer Godrej Properties said that it has entered into an agreement for outright purchase of a land parcel in the fast-developing micro market of Manor, Palghar.

The proposed project, which is spread across approximately 50 acres, is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development.

Manor, Palghar, Boisar, and Wada due to their popularity as famous weekend destinations of historic and religious significance 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.

On the basis of the current business assumptions, the company expects that the project to offer a booking value potential of approximately Rs 500 crore.

Mohit Malhotra, MD & CEO, Godrej Properties, 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 is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 47.34% of the company's equity shares as on 30 September 2022. The company currently operates in various cities and focuses on residential, commercial, and township development.

On a consolidated basis, the company's net profit surged to Rs 45.55 crore in Q1 June 2022 as against Rs 17.03 crore in Q1 June 2021. Net sales zoomed to Rs 244.67 crore in Q1 FY23 from Rs 86.16 crore in Q1 FY22.

The scrip fell 2.05% to end at Rs 1241.10 on the BSE yesterday.