Godrej Properties to jointly develop Rs 6,000 crore luxury housing project in Marine Lines

Representational Image. File pic.

Realty firm Godrej Properties Ltd will jointly develop a 2.5-acre housing project in Mumbai with a revenue potential of Rs 6,000 crore, as part of its expansion plan.

In a regulatory filing on Monday, the company said it has entered into a development agreement for a prime land parcel of about 2.5 acres in Marine Lines, South Mumbai.

On the plot, Godrej Properties will develop a luxury housing project with an "estimated overall revenue potential of around Rs 6,000 crore."

"Mumbai continues to be a key market for us, and our premium and luxury projects in the city have seen a consistently strong response," Gaurav Pandey, MD & CEO, Godrej Properties, said.

Sales of luxury homes, each costing Rs 10 crore and above, in Mumbai rose 12 per cent to a record Rs 18,512 crore in the first half of this year on better volumes and price rise, according to property consultant India Sotheby's International Realty and real estate data analytics firm CRE Matrix.

Godrej Properties is one of the leading real estate developers in the country.

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