This new partnership aims at bringing world-class developments to the Mulund region with the developer’s residential projects – Olympia and City of Joy.
Mumbai-based real estate firm Nirmal, has entered into two development management agreements (DMAs) with Shapoorji Pallonji Real Estate. These projects are expected to generate revenue of around Rs 5,000 crore, company sources said.
This new partnership aims at bringing world-class developments to the Mulund region with the developer’s residential projects – Olympia and City of Joy.
“We will continue with the joint alliance model for some of our projects to bring in diverse set of expertise, competencies and energies in our ambitious plan to develop Mulund as one of the most sought after suburb in Mumbai. It is difficult for any developer to construct more than one million sq. ft. at one go, especially considering the target timelines we have set for ourselves to complete this massive project; hence we collaborated with reputed brands to bring out the best in Mulund. Together we shall be developing more than 3 million sq ft,” said Dharmesh Jain, Chairman & Managing Director, Nirmal.
The land and permissions will be taken up by Nirmal, while construction will taken care of by Shapoorji Pallonji. The co-branding for the projects will be done by both brands. In about 5-6 years, there will be 4,000 units available for sale, which will comprise compact 1,2,3 BHK houses. Each project will have funding and there will be distributions involved within the next two months.
In future, Nirmal shall be investing in master developments in the commercial and retail space in Mulund and Kalyan. It will invest in joint ventures for few of these projects. Nirmal has already embarked on a 1 million mall project in Mulund. It already has done a joint venture with L&T for two projects of 1.5 million sq.ft each which is focused on affordable luxury, a company release said.
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