Godrej Properties shares open nearly 1% higher on adding ₹6,000 crore luxury project in Marine Lines in Mumbai

Shares of Mumbai-based real estate developer Godrej Properties will remain in focus on Monday after the company announced a major project win in Mumbai. The shares closed 1.7% higher on Friday, but remained largely unchanged from the previous week at ₹1,700 apiece on the NSE.

The company announced a new project on Monday morning, with a gross development value of ~₹6,000 crore. The exchange filing read, Godrej Properties Ltd., one of India's leading real estate developers, today announced that it has entered into a development agreement for a prime land parcel of approximately 2.5 acres in Marine Lines, South Mumbai.

The company further said, “Marine Lines is characterised by limited land availability, a rich heritage, an established neighbourhood fabric, and a strategic location along Mumbai's iconic coastline. Owing to its connectivity to the city's premier business, cultural, and lifestyle hubs, particularly through the Coastal Road, the area continues to attract strong demand from end-users and affluent buyers”.

The company operates in India’s key metropolitan regions like Bengaluru, Mumbai, NCR, Pune, and Hyderabad. Despite being a Mumbai-based developer, the company’s 44% of the development area comes from Bengaluru, followed by 21% in MMR, 18% from NCR and 11% from Pune.

Commenting on the new 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. Our tailor-made developments for South Mumbai have been particularly well received, which gives us confidence in the long-term attractiveness of well-located, high-quality homes in this market. Marine Lines is one of the city's most prestigious addresses, and we are delighted to add this landmark opportunity to our portfolio."

Earlier in July, the company announced winning a land parcel in Noida Sector 151 for ₹331 crore, with the gross development value of ₹2000 crore. The company has maintained a streak of strong booking value collections of over ₹7000 crore for the sixth consecutive quarter, highlighting strong collection efficiency and demand.

Godrej Properties Q2FY27 highlights

The company recorded ₹8,651 crore in booking value, up 22% YoY; collections rose 18% YoY to ₹4,338 crore. The company added 3 new projects in Q1FY27 with an estimated saleable area of 8 million sq.ft. and an expected booking value of ₹9,500 crore in Q1FY27.

Godrej Properties share price performance

In the week gone by, the shares remained largely unchanged at 0.19%. However, pared back 16.2% gains in the trailing month. On a YTD basis, the shares delivered weak performance of -15.6%, and -13.1% on the trailing twelve-month basis.