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NIRMAL, Shapoorji Pallonji Real Estate in pact to develop 2 projects in Mumbai suburb

Realty developer NIRMAL has entered into two Development Management Agreements (DMA) with Shapoorji Pallonji Real Estate to jointly develop over 3 million sq ft in Mulund suburb of Mumbai.

Both the residential projects, Olympia and City of Joy, are expected to generate estimated revenue of Rs 5,000 crore over the next five-six years.

In these proposed developments, NIRMAL will be responsible for land and permissions, while Shapoorji Pallonji Real Estate will take care of development, execution and marketing of the project. The projects will be branded jointly.

“We will continue to explore alliance model and our next target is to bring in commercial development in Mulund,” said Dharmesh Jain, CMD, NIRMAL or erstwhile Nirmal Lifestyle. “This is a going to be a revenue share pact between Shapoorji Pallonji Real Estate and us.”

This pact was facilitated through NIRMAL’S strategic arm Nirmal Ventures, newly launched vertical of debt-stressed Nirmal that has been forging such alliances.

As part of this initiative, Nirmal Ventures had undertaken a joint development with L&T Realty to build an integrated residential development in Mulund earlier.

Source : economictimes.indiatimes

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