Development agreement signed for ~2.5 acre Marine Lines land; ~INR 6,000 crore revenue potential
Entered into a development agreement for a ~2.5 acre land parcel in Marine Lines, South Mumbai.
By ScoutQuest · · 1 min read
- Land Parcel Size
- ~2.5 acres
- Location
- Marine Lines, South Mumbai
- Project Type
- Luxury housing development
- Estimated Revenue Potential
- ~INR 6,000 crore
What was announced
The company has entered into a development agreement for a prime land parcel of approximately 2.5 acres in Marine Lines, South Mumbai.
- The proposed project is planned as a luxury housing development.
- Estimated overall revenue potential is ~INR 6,000 crore, stated to be on the basis of current business assumptions.
Why this location
The company describes Marine Lines as a micro-market with limited land availability, a rich heritage and a strategic location along Mumbai's coastline, with connectivity through the Coastal Road attracting end-users and affluent buyers. It points to the response at Godrej Trilogy in Worli and Godrej Avenue Eleven in Mahalaxmi as evidence of sustained interest in luxury residences in South and Central Mumbai.
Management comment
Gaurav Pandey, MD & CEO, said Mumbai remains a key market, that tailor-made developments for South Mumbai have been well received, and that the company is delighted to add this opportunity to its portfolio.
How to read it
Revenue potential is an estimate of sales value over the life of the project, not booked revenue or profit, and it depends on approvals, launch timing and market conditions. A development agreement means the company will develop the parcel rather than outright ownership being described.
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More numbers
- Land parcel sizeapproximately 2.5 acres
- Estimated overall revenue potential~INR 6,000 crore
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