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Real estate developer Godrej Properties has entered into an agreement for the outright purchase of a land parcel in the Manor area of Palghar near Mumbai.

Located nearly 100 km away from Mumbai, the tourist town of Palghar is emerging as a hot residential property destination.

Spread across 50 acres, the upcoming residential project in Manor-Palghar will offer a booking value of approximately Rs 500 crore with a developable potential of approximately 1.2 million square feet of saleable area primarily comprising residential plots.

Manor, Palghar, Boisar, and Wada due to their popularity as weekend destinations of historic and religious significance have become preferred investment micro-markets.

The land parcel is a significant addition to the land bank of Godrej Properties due to its proximity to the Mumbai-Ahmedabad Highway, which connects major cities of Maharashtra and Gujarat. The proposed Mumbai-Ahmedabad bullet train will also have a station close to Manor in Boisar, according to the company.

The management says that the Manor project will address the need for a premium second home, which has seen an uptick post-Covid.

In September, the company acquired a 7-acre land parcel in Bengaluru with a developable potential of 0.6 million square feet. The land parcel was acquired to develop a premium residential project having apartments. The project is estimated to have a booking value potential of Rs 750 crore.

Shares of Godrej Properties ended 0.4 percent higher at Rs 1,246.15.

(Edited by : Rukmani Krishna)