Godrej Properties partners with MICL to build luxury housing project in Mumbai; expects revenue potential of ₹6,000 cr
Real estate giant Godrej Properties on Monday announced that it will jointly develop a 2.5-acre luxury housing project in Mumbai’s Marine Lines, with an estimated revenue potential of ₹6,000 crore.
The Mumbai-based real estate firm announced the project in a regulatory filing, adding that the upcoming luxury housing project is part of its expansion plan. The company has signed a “development agreement” for a prime 2.5-acre land parcel in Marine Lines, South Mumbai.
Godrej Properties has partnered with Man Infraconstruction Ltd (MICL), which separately informed about the partnership for the upcoming project. The development rights for the project were jointly held by MICL and Shreepati Group; however, they have now been transferred to Godrej Properties. Under the agreement, MICL will share revenue with Godrej Properties.
Godrej highlights demand for luxury homes in South Mumbai
In a statement, Godrej Properties highlighted the rising demand for luxury homes in South Mumbai. The company said that Marine Lines has limited land availability, a well-established neighbourhood and a strategic location along Mumbai’s coastline. Its connectivity to key business, cultural and lifestyle hubs, including through the Coastal Road, has helped sustain demand from homebuyers and affluent buyers.
Further, the continued demand for luxury housing in South and Central Mumbai is reflected in the response to the company’s Trilogy project in Worli and Godrej Avenue Eleven in Mahalaxmi.
Godrej Properties, MICL on the upcoming project
Commenting on the upcoming project, Gaurav Pandey, MD and 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. 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.”
Manan Shah, MD, MICL, 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.” He added, “MICL will continue to benefit from the project through an agreed revenue-sharing arrangement. Over and above, the 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.”
Luxury home sales in Mumbai jump
Citing data from property consultant India Sotheby’s International Realty and real estate data analytics firm CRE Matrix, news agency PTI reported that luxury home sales in Mumbai, with each property costing ₹10 crore and above, saw a 12 per cent jump to a record ₹18,512 crore in the first half of this year, driven by higher volumes and rising prices.
Separately, Mumbai ranked eighth in Knight Frank’s Prime Global Cities Index for Q2 2026, with prime residential property prices rising 6.2 per cent year-on-year. This was more than double the 2.6 per cent increase across the 46 cities tracked by the index. Prime property prices in Mumbai also grew 1.7 per cent quarter-on-quarter in Q2, indicating continued demand in the city’s luxury housing segment.
