Mumbai, Sept. 30 -- Godrej Properties has entered into a development agreement for a 2.5-acre land parcel in Marine Lines, South Mumbai, where it plans to develop a luxury housing project with an estimated revenue potential of around Rs. 60 bn. The company disclosed the agreement in a regulatory filing on September 28.
The project will be located in an established South Mumbai neighbourhood known for limited land availability, heritage value and its position along the city's coastline. Godrej Properties said Marine Lines benefits from connectivity to key business, cultural and lifestyle hubs, including through the Mumbai Coastal Road.
The company said its developments at Godrej Trilogy in Worli and Godrej Avenue Eleven in Mahalaxmi had received an encouraging response. It said the performance of those projects reflected sustained demand for high-quality luxury residences in South and Central Mumbai.
Gaurav Pandey, managing director and chief executive officer of Godrej Properties, said Mumbai remained a key market for the company and that its premium and luxury developments had received a consistently strong response. He said projects tailored for South Mumbai had been well received and that the Marine Lines opportunity would add a significant address to the company's portfolio.
Mumbai's prime residential market has also shown strength. The city ranked eighth in Knight Frank's Prime Global Cities Index for Q2 2026, with prime prices rising 6.2 per cent year on year, compared with 2.6 per cent across the 46-city index. Prime prices increased 1.7 per cent quarter on quarter during the period.
Luxury homes priced at Rs. 100 mn and above recorded sales of Rs. 185.12 bn in the first half of 2026, up 12 per cent from Rs. 165.18 bn in the corresponding period of the previous year. Homes measuring 2,000 to 4,000 sq ft accounted for 58 per cent of primary market sales, according to a report by India Sotheby's International Realty and CRE Matrix.
Published by HT Digital Content Services with permission from Construction World.