SPREL and Lokhandwala Infra to develop 90-floor skyscraper

Shapoorji Pallonji Group's real estate arm SPREL has partnered with Lokhandwala Infrastructure to jointly develop a 'Minerva', a mega real estate project at Mahalaxmi in South Mumbai. As per the agreement, SPREL will develop, manage and market the iconic project. Under the development model, large realty firms step in as development managers for smaller developers and landowners, in return for a share of the revenue, profit or a management fee. This partnership model got a boost in the last 2-3 years due to the rising distressed projects in the real estate market. Minerva, a 90-floor skyscraper, will have 3BHK and 5BHK apartments and 4.5 BHK to 6BHK duplexes, said chief executive, SPREL; Venkatesh Gopalkrishnan.The luxury project will further strengthen the company's strategy of increasing its presence in the ultra-luxury segment.