Man Infraconstruction (MICL) has partnered with Godrej Properties Group for the development of a sea-facing residential project at Marine Lines in South Mumbai. The project has an estimated overall revenue potential of more than Rs 60 billion.

Under the transaction, 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 participate in the project through an agreed revenue-sharing arrangement.

Spread across approximately 2.5 acres, the project is located in Marine Lines and offers views of the Arabian Sea. It is connected to the Mumbai Coastal Road, upcoming Metro network and Atal Setu corridor.

According to Manan Shah, Managing Director, MICL Group, the transaction will enable early realisation of cash flows and provide the company with greater financial flexibility to pursue new development opportunities in Mumbai. MICL will also recoup its existing investment in the project, amounting to more than Rs 3 billion. The project will be jointly branded by the two companies.