Godrej Properties has entered into a development agreement for a 2.5-acre land parcel in Marine Lines, South Mumbai, where it plans to develop a luxury residential project with an estimated revenue potential of around ₹6,000 crore, according to regulatory filings.
The development rights, previously jointly held by Man Infraconstruction Ltd (MICL) and Shreepati Group, have been transferred to Godrej Properties. The project will be jointly branded as part of the collaboration.
MICL, which was earlier the development manager for the project, will continue to participate through an agreed revenue-sharing arrangement with Godrej Properties. The company will also recover more than ₹300 crore of its existing investment in the project.
Manan Shah, managing director of MICL, said the company will continue to benefit from the project through revenue sharing while recovering its existing investment of more than ₹300 crore. He added that the early realisation of cash flows would provide greater financial flexibility to pursue new development opportunities in Mumbai.
Gaurav Pandey, managing director and CEO of Godrej Properties, said Mumbai remains an important market for the company, with its premium and luxury developments in South and Central Mumbai seeing strong demand.
The Marine Lines project adds another major luxury residential development to Mumbai’s property market.
