Mumbai, September 28: Real estate major Godrej Properties Limited has announced the launch of a major luxury residential project in South Mumbai’s upscale Marine Lines neighbourhood in a press release to the bourses. The project, to be developed on about 2.5 acres, will offer luxury residences in an area where land availability remains extremely limited.
The project will be developed in collaboration with Man Infraconstruction Limited (MICL), the company said in a separate press release. The project will offer premium sea facing residences, giving a total developable area of about 1.7 million square feet. The collaboration involves a revenue sharing agreement between the two companies, the MICL press release stated.
“Mumbai continues to be a key market for us, and our premium and luxury projects in the city have seen a consistently strong response. Our tailor-made developments for South Mumbai have been particularly well received, which gives us confidence in the long-term attractiveness of well-located, high-quality homes in this market. Marine Lines is one of the city’s most prestigious addresses, and we are delighted to add this landmark opportunity to our portfolio.” Gaurav Pandey, MD & CEO, Godrej Properties, said.
“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 and marks an important milestone in MICL’s journey. 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. MICL will continue to benefit from the project through an agreed revenue-sharing arrangement. Over and above, MICL Group will recoup its existing investment in the project to the tune of ₹300+ crore. The project will also be jointly branded as part of the collaboration,” Mr. Manan Shah, Managing Director, MICL Group, explained.
