Godrej Properties inks JV to build Rs 6,000 cr luxury housing project at Marine Lines, Mumbai

Realty firm Godrej Properties Ltd will jointly develop a 2.5-acre luxury housing project in Mumbai with a revenue potential of Rs 6,000 crore, as part of its expansion plan.

In a regulatory filing on Monday, the company informed that it has entered into a "development agreement" for a prime land parcel of about 2.5 acres in Marine Lines, South Mumbai.

Godrej Properties will develop a luxury housing project with an "estimated overall revenue potential of around Rs 6,000 crore."

Gaurav Pandey, MD & CEO, Godrej Properties, said, "Mumbai continues to be a key market for us, and our premium and luxury projects in the city have seen a consistently strong response."

Separately, Man Infraconstruction Ltd (MICL) informed that it has partnered with Godrej Properties for this upcoming project.

The development rights jointly held by MICL and Shreepati Group have now been transferred to Godrej Properties. MICL has a revenue-sharing arrangement with Godrej Properties.

"The Marine Lines project in South Mumbai has always been one of the most prestigious opportunities in our portfolio. The transaction with Godrej unlocks the project's full potential.

"The early realisation of cash flows from the project will provide MICL with greater financial flexibility to pursue new development opportunities and expand its presence in Mumbai," Manan Shah, Managing Director, MICL Group, said.

The MICL Group will recoup its existing investment in the project to the tune of Rs 300 crore, he said, adding that the project will be jointly branded as part of the collaboration.

According to property consultant India Sotheby's International Realty and real estate data analytics firm CRE Matrix, the sales of luxury homes, each costing Rs 10 crore and above, in Mumbai rose 12 per cent to a record Rs 18,512 crore in the first half of this year on better volumes and price rise.

Godrej Properties is one of the leading real estate developers in the country.

The company has set a sales bookings target of Rs 39,000 crore for the current fiscal. It had sold properties worth Rs 34,171 crore during 2025-26 financial year, to become the largest listed realty firm in terms of sales bookings.