The development being undertaken will lead to estimated revenue of Rs 80 crore.
"This new development marks the group's entry into Dadar/Prabhadevi after successfully developing many gated communities location in the Mumbai Metropolitan Region," the company stated.
The project is expected to be launched in CY 2025.
Vikram Jayantilal Lodha, managing director, said: "This development is a part of our strategy to focus on fast growing aspirational segment of real estate market.
Dadar/Prabhadevi has great connectivity and accessibility. This agreement aligns with our expansion strategy and helps us enter one of the growing micro markets in the city."
Meghna Infracon Infrastructure is an emerging name in real estate development across the residential sector in Western Mumbai region. The company has a residential projects located in the premium location of Goregaon and Andheri where they have established their presence.
The scrip shed 0.75% to currently trade at Rs 1083 on the BSE.