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.
In October, Piramal Realty bought a 3.2-acre land parcel in Mulund from Nirmal Lifestyles for Rs 153 crores. This plot is located adjacent to Piramal Realty’s existing residential project in the suburb.
In September, Nirmal entered into a partnership with Godrej Properties to build a residential project on a 14-acre land parcel in Thane. Through these associations, NIRMAL has raised over Rs 1,000 crore so far.