Godrej Properties to develop ₹6,000 crore luxury housing project in Mumbai

Godrej Properties Ltd has entered into a development agreement for a prime 2.5-acre land parcel in Marine Lines, South Mumbai, according to a regulatory filing released Monday. The upcoming luxury housing project is expected to generate approximately ₹6,000 crore in overall revenue potential.

Mumbai remains a strategic focus for the realty firm, with the company's premium and luxury portfolio in the metropolis consistently attracting strong buyer demand. "Mumbai continues to be a key market for us, and our premium and luxury projects in the city have seen a consistently strong response," said Gaurav Pandey, Managing Director and Chief Executive Officer of Godrej Properties.

The announcement comes at a time when Mumbai's ultra-premium residential sector is experiencing robust growth. Data from property consultancy India Sotheby's International Realty and real estate analytics firm CRE Matrix indicates that sales of luxury homes priced at ₹10 crore and above surged 12 percent to reach a record ₹18,512 crore in the first half of 2024, driven by both increased transaction volumes and price appreciation.

The Marine Lines project underscores developer confidence in sustained demand for high-end residential properties among affluent buyers in India's financial capital, where such projects increasingly command premium valuations.