NEW DELHI (INDIA): Mumbai-based real estate developer Nirmal has entered into a Development Management Agreement with Godrej Properties.
JLL India structured the transaction which was facilitated through Nirmal’s strategic arm Nirmal Ventures. This newly launched vertical aims at bringing world-class developments to the MMR region through unique partnerships.
The project is an integrated township in Thane whose residential and commercial developments are expected to generate a combined turnover of approximately Rs 3,500 crore over the next 5 years. The project is funded by Edelweiss to the extent of Rs 450 crore. Given the location and connectivity, this project will emerge as one of the best developments in the Thane region and impart renewed momentum in this market. The land is co-owned by Videocon and Nirmal.
Dharmesh Jain, Chairman & MD, Nirmal says, “This partnership is special to us considering the incredible brand of Godrej Properties. Together, we will create exceptional value for our customers and look forward to a promising outcome. Nirmal Ventures has secured two big partnerships in quick succession.”
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 into 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.”
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. The coming together of two outstanding brands – Godrej and Nirmal – crafts a rare opportunity addressing the current concern of buyers wanting to invest with established developers with proven track records. The inherent value of this project is amplified by its location in Thane, which offers the best of physical and social infrastructure including excellent connectivity to Mumbai and Navi Mumbai. I am delighted in the manner our Land Services team structured this transaction, and look forward to buyers making the most of the resulting project.”
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. This strategic infusion of capital has proved to be a guiding force for the real estate industry during challenging times for a promising outcome.
The project is expected to launch later this year.