Real estate developer NIRMAL has recently entered into two Development Management Agreements (DMA) with Shapoorji Pallonji Real Estate to jointly develop over 3 million sqft space in Mulund suburban area of Mumbai. The companies have estimated that 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 projects, 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, said, CMD, Nirmal, Dharmesh Jain, adding that it will continue to explore alliance model and the next target is to bring in commercial development in Mulund. This pact was facilitated through NIRMAL‘s strategic arm Nirmal Ventures, a newly launched vertical that has been forging such alliances. As part of this initiative, Nirmal Ventures has undertaken a joint development with L&T Realty to build an integrated residential development in Mulund earlier.
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