NEW DELHI: In a major move, Nirmal Lifestyle has tied up with real estate major Shapoorji Pallonji to execute two major projects worth Rs. 3,000 crore in Mulund. Both the realtors signed the development management agreements (DMAs) for two projects – Olympia and City of Joy.
Nirmal Lifestyle which owns the land will procure approvals for the projects while the construction and sale will be undertaken by Shapoorji Pallonji.
Both ventures will have 4,000 apartments, consisting mostly of 1 bedroom-hall-kitchen (BHK) and 2 BHK flats. These will be affordable luxury flats in the price range between Rs75 lakh and Rs1.50 crore, complete with all modern amenities.
L&T Realty Ltd is also close to signing an agreement with Nirmal Lifestyle Ltd to jointly develop a 16-acre plot at Mulund in Mumbai. As part of the deal, L&T Realty would pay an upfront deposit of Rs400 crore to Nirmal Lifestyle, which owns the land. The land parcel has a development potential of around 3.2 million sq ft and would be the site of a residential project. While Nirmal Lifestyle would still own the land, L&T Realty will execute the project.
Godrej Properties Ltd 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 Rs 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.
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.