Godrej Properties adds Rs 6,000 crore luxury project in South Mumbai; stock in focus

Godrej Properties Ltd shares are in focus on Monday after the real estate developer entered into a development agreement for a prime land parcel of approximately 2.5 acres in Marine Lines, South Mumbai, for a luxury housing project with an estimated overall revenue potential of around Rs 6,000 crore.

The project is located in Marine Lines, one of Mumbai's established residential micro-markets, and is planned as a luxury housing development. Godrej Properties said the project has an estimated overall revenue potential of around Rs 6,000 crore, based on current business assumptions.

The development is strategically located in a high-value residential area characterised by limited land availability, established neighbourhood infrastructure and proximity to Mumbai's coastline. The company said Marine Lines has continued to see demand from end-users and affluent buyers, while the response to other premium developments in South Mumbai has also highlighted interest in high-quality luxury residences.

The stock has fallen 15.77% so far this year (year-to-date).

Commenting on the development, Gaurav Pandey, MD & 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." He added that the company has built confidence in the long-term attractiveness of well-located, high-quality homes in the market and that it was looking forward to adding the Marine Lines project to its portfolio.

The company said the project will further expand its presence across South and Central Mumbai, where it has been focusing on luxury residential developments. The addition of the Marine Lines project comes as the company continues to expand its residential development portfolio in Mumbai.

Godrej Properties is part of the Godrej Industries Group and has a presence across India's residential real estate market. The company said more than 100,000 families have found homes with it and that its projects have sold over 30 million square feet of residential space. It combines the Godrej group's 129-year legacy with its real estate development business.