NIRMAL, one of Mumbai’s leading real estate companies, 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, with both its residential and commercial development expected to generate revenue of approximately INR 3,500 crore over the next 5 years. The project is funded by Edelweiss to the extent of INR 450 crores. Given the location & connectivity, this project will emerge as one of the best developments in the Thane region as well as impart renewed momentum in the market. The land is co-owned by Videocon and NIRMAL.
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 says, “This partnership is special to us considering the incredible brand of Godrej Properties. Together we will create exceptional value for our customers. We look forward to a promising outcome. NIRMAL VENTURES has secured two big partnerships in quick succession.”
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 promising brands – Godrej and Nirmal crafts a rare opportunity addressing the current concern of buyers wanting to invest with established developers having proven track records. To add to its credibility, this location in particular and Thane, in general, offers the best of physical &social infrastructure including excellent connectivity to Mumbai and Navi Mumbai. I am delighted in the manner our Land team structured this transaction, and looking forward to buyers making the most of it.”
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 cracked earlier.
Through these two associations NIRMAL has raised over INR 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.