Sea-facing South Mumbai residential project to be jointly branded; MICL to earn through revenue-sharing arrangement
Mumbai, September 29, 2026: Man Infraconstruction Limited (MICL) has entered into a collaboration with Godrej Properties Group to develop a sea-facing luxury residential project at Marine Lines in South Mumbai, a deal that is expected to recover the company’s existing investment of over ₹300 crore in the project.
Under the transaction, the development rights jointly held by MICL and Shreepati Group have been transferred to Godrej. MICL, which earlier served as the Development Manager for the project, will now continue as a partner and benefit through a revenue-sharing arrangement with Godrej. The project’s overall revenue potential is estimated at more than ₹6,000 crore.
Spread over about 2.5 acres in the heart of Marine Lines, the project offers views of the Arabian Sea. Its location benefits from connectivity via the Mumbai Coastal Road, the upcoming Metro network and the Atal Setu corridor, placing it among South Mumbai’s most sought-after residential addresses. The development will be jointly branded by the two groups.
Calling the deal an important milestone for the company, Manan Shah, Managing Director, MICL Group, said the Marine Lines project had always been one of the most prestigious opportunities in MICL’s portfolio and that the transaction with Godrej unlocks its full potential.
“The early realisation of cash flows from the project will provide MICL with greater financial flexibility to pursue new development opportunities and expand its presence in Mumbai,” Shah said. He added that besides the revenue-sharing arrangement, MICL would recoup its investment of over ₹300 crore in the project.
