Realty player Nirmal today said it has entered into a development management agreement with Godrej Properties to develop an integrated township in the neighbouring Thane district.
The project, spread across 14 acres with saleable area of 2.1 million sqft, is expected to be launched later this year and generate revenue to the tune of Rs 3,500 crore over the next five years, the company said in a statement issued here.
The company's strategic arm Nirmal Ventures has raised Rs 450 crore from Edelweiss for the project, while the land parcel is jointly owned by Nirmal and Videocon.
"This newly launched vertical Nirmal Ventures aims at bringing world-class developments to the MMR region through unique partnerships. This partnership is special to us considering the incredible brand of Godrej Properties," Nirmal Chairman and Managing Director Dharmesh Jain said.
This is Nirmal Ventures' second big partnership after it roped in L&T Realty to jointly develop an integrated residential project at Mulund in Mumbai.
"Through these two associations, we have 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," he said
Commenting on the deal, Godrej Properties Executive Chairman Pirojsha Godrej said, "The addition of this new project in Thane, a key micro-market of Mumbai, strengthens our development portfolio in the area and fits well with our strategy of deepening our presence in key markets across India's leading cities."
Property consultant JLL India structured the transaction, the release said.
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