Godrej Properties has entered into a development agreement for a prime 2.5-acre land parcel in Marine Lines, South Mumbai. The company plans to develop a luxury housing project on the site, with an estimated revenue potential of around Rs 6,000 crore.
Godrej Properties’ Marine Lines project
Godrej Properties said in its regulatory Marine Lines has limited land availability and is known for its established neighbourhood, heritage and proximity to Mumbai’s coastline. The area also offers connectivity to key business, cultural and lifestyle destinations across the city.
The company said connectivity through the Mumbai Coastal Road has further strengthened the attractiveness of the location.
Godrej Properties said the project will cater to demand for premium and luxury homes in South Mumbai. The company’s existing projects, including Godrej Trilogy in Worli and Godrej Avenue Eleven in Mahalaxmi, have also received encouraging responses, it said.
Godrej Properties bets on strong demand for premium homes in Mumbai
Gaurav Pandey, MD & CEO, Godrej Properties, said Mumbai remains a key market for the company and its premium and luxury projects in the city have received 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,” Pandey said.
About Godrej Properties
Godrej Properties is part of the Godrej Industries Group and has developed residential projects across several major Indian cities. The company said more than 100,000 families have found homes through its projects.
Godrej Properties share price
The share price of Godrej Properties is trading flat in the intraday trading session. The stock has declined 16.56% so far this year.