Elarra Law Offices has advised Godrej Properties Limited on its acquisition of development rights over a prime 2.5-acre land parcel at Marine Lines, South Mumbai — a luxury residential project carrying an estimated revenue potential of ₹6,000 crore. The transaction involved the transfer of development rights previously held jointly by Man Infraconstruction Limited (MICL) and Shreepati Group. The deal was publicly disclosed via regulatory filings on 28 September 2026.
Introduction
Godrej Properties Limited has acquired the development rights over a 2.5-acre land parcel at Marine Lines from Man Infraconstruction Limited and Shreepati Group. MICL, which was earlier the Development Manager for the project, has partnered with Godrej Properties for its development; the development rights jointly held by MICL and Shreepati Group have been transferred to Godrej Properties. MICL will continue to have an economic interest through an agreed revenue-sharing arrangement with Godrej Properties.
Elarra Law Offices advised Godrej Properties on the acquisition of development rights over the land parcel, and the firm was involved in the finalisation of the deal structure and drafting, negotiating, and finalising the transaction documentation.
Deal Value
The land parcel is earmarked for development as a luxury residential project with an overall estimated revenue potential of ₹6,000 crore. In addition to the revenue-sharing arrangement, MICL will recover more than ₹300 crore of its existing investment in the project. The consideration paid for the development rights transfer was not publicly disclosed.
Legal Teams Involved
External Counsel — Elarra Law Offices (Advising Godrej Properties)
The firm was involved in the finalisation of the deal structure and drafting, negotiating and finalising the transaction documentation. The transaction was led by the following team members:
- Madhura Samant — Managing Partner
- Supriya Majumdar — Partner
- Nihal Mehta — Associate
- Abhas Raj — Associate
In-House Legal Team — Godrej Properties Limited
The Godrej Properties team was spearheaded by Saurabh Mohindru (Chief Legal Officer) with assistance from Amit Poojari (Legal Head- Mumbai Zone) and Ayushi Tomar (Associate).
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Significance and Impact
South Mumbai is a high-barrier-to-entry market where land parcels of this size are scarce; with an estimated revenue potential of ₹6,000 crore, this project is a significant addition to Godrej Properties’ growth pipeline. The project will be located in an established South Mumbai neighbourhood known for limited land availability, heritage value, and its position along the city’s coastline, and Godrej Properties noted that Marine Lines benefits from connectivity to key business, cultural, and lifestyle hubs, including through the Mumbai Coastal Road.
The agreement also reflects a project structure in which development rights are transferred to a major developer while the existing development partner continues to participate through a revenue-sharing arrangement. This structure is notable from a legal standpoint — Elarra Law Offices, a Mumbai-based boutique firm specialising in real estate law, was mandated to navigate the multi-party documentation across both the outgoing rights-holders and the incoming developer.
The project is spread across approximately 2.5 acres in Marine Lines and offers views of the Arabian Sea, with access to key infrastructure including the Mumbai Coastal Road, the upcoming Metro network, and the Atal Setu corridor. The transaction adds to Godrej Properties’ existing South Mumbai portfolio, which includes Godrej Trilogy in Worli and Godrej Avenue Eleven in Mahalaxmi.
This acquisition consolidates Godrej Properties‘ position in one of Mumbai’s most supply-constrained luxury residential micro-markets. The company acquired development rights for the 2.5-acre land parcel in southern Mumbai from Man Infraconstruction Ltd. and Shreepati Group, with the firms expecting potential revenue of more than ₹6,000 crore from the project, according to separate stock exchange filings by the companies. Elarra Law Offices served as external counsel on the transaction, guiding deal structuring and documentation from inception through execution.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
