Godrej Properties has entered into a joint venture with Nirmal Ventures for developing a residential project located in central suburb Thane. This project will be developed under a development management agreement.
The project is funded by Edelweiss to the extent of ₹450 crore.
Spread over 14 acres, the project will offer 2.1 million square feet of saleable area and will be developed as a residential development.
Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add this new project in Thane, a key micro-market of Mumbai. This strengthens our development portfolio in Thane and fits well with our strategy of deepening our presence in key markets across India's leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents.”
Dharmesh Jain, Chairman and MD, Nirmal Ventures told BusinessLine, “All the permission for this project are in place. We will be making a formal announcement on the project launch shortly.”
The project is an integrated township in Thane whose residential and commercial developments are expected to generate a combined turnover of approximately ₹3,500 crore over the next 5 years. The land is co-owned by Videocon and Nirmal.
Ramesh Nair, CEO and Country Head, JLL India said, “Thane has seen significant capital appreciation in the last couple of years. An integrated mixed-use project of this scale and size will certainly be a good choice for end-users and investors alike.”
As part of its first initiative, Nirmal Ventures had undertaken a Joint Development with L&T Realty to build an Integrated Residential Development in Mulund earlier this month.
Through these two associations, Nirmal has raised over Rs 1,000 crore. The project is expected to launch later this year.