Elarra Law Offices and Trilegal have advised Godrej Properties Limited on the acquisition of development rights over approximately 2.5 acres of land at Marine Lines, Mumbai, from Man Infraconstruction and Shreepati Group, for a luxury residential project with an estimated revenue potential of INR 6,000 crore.
The project is located on a prime 2.5-acre land parcel and is expected to have a saleable area of approximately 600,000 sq ft. The development rights, which were jointly held by MICL and Shreepati Group, have been transferred to Godrej Properties as part of the transaction. MICL, which was earlier the development manager for the project, will continue to participate through a revenue-sharing arrangement with Godrej Properties.
Under the arrangement, MICL will also recover its existing investment in the project of more than INR 300 crore. The project is proposed to be jointly branded, while Godrej Properties will handle the marketing and sales. The project is expected to be launched within six months.
The development is positioned as a luxury residential project in South Mumbai, with the Marine Lines location offering sea views and connectivity to key parts of the city through the Mumbai Coastal Road, upcoming Metro network and Atal Setu corridor.
The Elarra Law Offices team was led by managing partner Madhura Samant and partner Supriya Majumdar, with associates Nihal Mehta and Abhas Raj.
The Trilegal real estate team was led by partners Rahul Arora and Sadaf Shaikh and comprised counsel Mohammed Hyder Sayed, senior associate Yashasvi Gupta and consultant Virendra Bapat.
The Godrej Properties legal team was led by chief legal officer Saurabh Mohindru, with assistance from legal head, Mumbai Zone, Amit Poojari and associate Ayushi Tomar.
