Godrej Properties to develop Marine Lines luxury housing project in Mumbai

Godrej Properties has signed a development agreement for a 2.5-acre luxury residential project in Marine Lines, Mumbai, with an estimated revenue potential of ₹6,000 crore. Man Infraconstruction (MICL) will recoup more than ₹300 crore of its investment while retaining a revenue-sharing interest unde

Godrej Properties has entered into a development agreement for a 2.5-acre land parcel in Marine Lines, South Mumbai, where it plans to build a luxury residential project with an estimated revenue potential of about ₹6,000 crore, according to regulatory filings.

The development rights for the project, jointly held by Man Infraconstruction (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 benefit through an agreed revenue-sharing arrangement with Godrej Properties. The company will also recoup more than ₹300 crore of its existing investment in the project, it said in its filing.

“MICL will continue to benefit from the project through an agreed revenue-sharing arrangement. Over and above, it will recoup its existing investment in the project to the tune of ₹300+ crore,” said Manan Shah, managing director of MICL. He added that the early realisation of cash flows would provide the company with greater financial flexibility to pursue new development opportunities in Mumbai.

Gaurav Pandey, managing director and CEO of Godrej Properties, said Mumbai remains a key market for the company and that its premium and luxury developments in South and Central Mumbai have seen strong demand.