BENGALURU, Sept. 28 -- Godrej Properties Ltd (GPL), India's top-selling real estate company, has entered into a development agreement with Man Infraconstruction Ltd (MICL) for a sea-facing, luxury residential project at south Mumbai's Marine Lines, officials from both companies said.

MICL and GPL have agreed to share revenue from the redevelopment project, which is estimated at about Rs.6,000 crore. As part of the transaction, the development rights that were jointly held by MICL and developer Shreepati Group have been transferred to GPL.

The project is situated on a prime 2.5-acre plot with a saleable area of about 600,000 sq ft. A single residential tower will be built as a GPL-MICL co-branded project.

"The project is in a good locat...