Mumbai, September 28, 2026: Marine Lines’ nearly 250-year-old ZaobaWadi is set for a major transformation under a cluster redevelopment scheme, with its 627 long-standing tenants set to receive upgraded homes measuring 550 sq ft, compared with their existing units of around 150 sq ft.
Construction Progress
At present, plinth-level construction of the rehabilitated building tower is completed, and in the next two and a half years, these tenants are to get possession of their new houses. Whereas the saleable building construction is to begin soon, said Rajendra Chaturvedi, Chairman of Shreepati Group.
The redevelopment involves a consortium of Shreepati Developers, MICL and Godrej Properties, which have entered into an agreement for the project.
The redevelopment will also feature ultra-luxury sea-facing residential towers, with the saleable towers planned to rise to around 300 metres, informed Tapas Chaturvedi, Managing Director of Shreepati Group.
He said the three partners will have clearly defined roles in executing the project. Godrej Properties will handle the branding and sale of the saleable component, while MICL will undertake construction of the residential towers. Shreepati Developers will be responsible for the rehabilitation of the existing tenants.
Rs 6,000 Crore Revenue Potential
The project has an estimated revenue potential of around Rs 6,000 crore, which is expected to exceed considering the market dynamics. Tapas said, “the entire saleable component would comprise sea-facing properties aimed at the ultra-luxury segment.”
He added that the revenue potential could rise further, particularly with Godrej Properties associated with the project and its established market presence.
ZaobaWadi, located near the Ram Temple in Marine Lines, is believed to be around 250 years old and has historically been home to members of the Pathare Prabhu community. The property comprises ageing structures where families have lived for generations.
The redevelopment is expected to replace these structures with modern residential buildings while providing substantially larger rehabilitation homes to the existing occupants.
Project Spread Across 2.5 Acres
The project is spread across around 2.5 acres in South Mumbai. Development rights, earlier jointly held by MICL and the Shreepati Group, have been transferred to Godrej Properties as part of the development arrangement. The project is proposed to be jointly branded, strengthening Godrej Properties’ presence in the South Mumbai luxury housing market.
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Interestingly, Marine Lines is characterised by limited land availability. 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. Marine Lines is one of the city's most prestigious addresses, and we are delighted to add this landmark opportunity to our portfolio."
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