Adding to its project portfolio in the real estate sector, Godrej Properties has recently entered into a joint venture with Nirmal Ventures for developing a residential project in central suburb of Thane in Maharashtra. This project will be developed under a development management agreement and will be financed by Edelweiss to the extent of Rs.450 crore. Spread over 14 acres, the project will offer 2.1 million square feet of saleable area and will be developed as a residential development, Pirojsha Godrej, Executive Chairman, Godrej Properties said, adding that the company is glad to add this new project in Thane, a key micro-market of Mumbai. This strengthens its development portfolio in Thane and fits well with its strategy of deepening presence in key markets across India's leading cities. While Dharmesh Jain, Chairman and MD, Nirmal Ventures said that this project delivers an outstanding lifestyle for its residents. The project is an integrated township in Thane where residential and commercial developments are expected to generate a combined turnover of approximately Rs.3,500 crore over the next 5 years.
📅Published on:
18 September 2017
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