|Real estate firm Nirmal Lifestyle has entered into two development management agreements with Shapoorji Pallonji Real Estate to construct residential projects called Olympia and City of Joy at Mulund.|
These projects are estimated to generate revenue of ₹5,000 crore. The land will be provided by Nirmal Lifestyle, which will also take the construction permissions. The construction and fund mobilisation will be the responsibility of Shapoorji Pallonji Real Estate, which will invest about ₹3,000 crore in these projects.
The co-branded projects will have about 4,000 units in 1BHK, 2BHK and 3BHK configuration. It will take five to six years to complete the projects, Nirmal Lifestyle representatives said in a statement.
“We will continue with the joint alliance model for some of our projects to bring in a diverse set of expertise, competencies and energies in our ambitious plan to develop Mulund as one of the most sought-after suburbs,” Dharmesh Jain, chairman and managing director, Nirmal Lifestyle, said.
Commenting on the deal, Anuj Puri, chairman, Anarock Property Consultants, said, “This is a good example of two leading players pooling their resources, both in terms of assets and specific expertise, to come up with a future-ready solution.”