Godrej Properties Ltd. has signed an agreement to develop a $625 million sea-facing residential project in Mumbai’s upscale Marine Lines neighborhood, underscoring sustained demand for luxury real estate in India.
The company has acquired development rights for a 2.5-acre land parcel in southern Mumbai from Man Infraconstruction Ltd. and Shreepati Group. The firms expect potential revenue of more than 60 billion rupees ($625 million) from the project, located in one of Mumbai’s oldest and wealthiest localities, according to separate stock exchange filings by the companies.
The project will have joint branding, and the companies have agreed on a revenue-sharing arrangement.
India’s luxury real estate market has grown steadily since the pandemic, outpacing the growth of the broader sector. Data from real estate consultancy Knight Frank show that in the first quarter of 2026, residential properties — priced between 200 million rupees and 500 million rupees — was the fastest-growing segment at 80%, while more modestly priced homes barely grew in double-digits.
Mumbai has been at the heart of this, and is the country’s most expensive market with per-square-foot prices now on par with some New York neighborhoods. The city also logged the most expensive known purchase of a single residential unit in the country when retail stockbrokerage Angel One’s founder Dinesh Thakkar bought a 7.11 billion-rupee luxury tower in Juhu earlier this month.
“Mumbai continues to be a key market for us, and our premium and luxury projects in the city have seen a consistently strong response,” Godrej Properties CEO Gaurav Pandey said.
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