Mumbai-based Godrej Properties has signed a JV (Joint Venture) with Nirmal Ventures, which is based in the same city. This joint venture will see both companies co-developing a big-ticket residential project at Thane West. The project is located along the LBS (Lal Bahadur Shastri) Marg in Thane and will be constructed under the development management agreement according to Godrej Properties.
The project spreads over 14 acres and will come with close to 2.1 million sq. ft. of total saleable area. It will come up as a residential development with apartments in diverse configurations. There will also be a small retail component for the project. The project offers easy access to the important Eastern Express Highway according to Godrej Properties and is well connected to several shopping malls, hospitals, schools and other commercial and residential spaces. The location offers excellent civic and social infrastructure according to the company. The Executive Chairman at Godrej Properties, Pirojsha Godrej, stated that this new project makes for a value addition to the company’s portfolio since Thane is a vital micro-market in Mumbai and this will enhance the company’s presence in Thane according to him.
Godrej Properties is a division of the Godrej Group, one of the country’s oldest and most iconic business conglomerates. The Group tapped into growing realty prices in Mumbai to launch its real estate business via its comprehensive property holdings in the city and its outskirts, especially in Ghatkopar and Vikhroli. It has also forayed into newer markets including Bangalore. The company is presently developing township, residential and commercial projects covering approximately 13.70 million sq. ft. cumulatively in 12 cities.
Nirmal Ventures is also well-known for developing several landmarks in the city including a major residential complex in Mulund and other commercial structures. However, the company has not expanded as rapidly in recent years as some of its peers on account of the slowdown in the real estate market and high debt levels. It is thus tying up with other players in the industry for development of some of its own assets in Mumbai.
