Godrej Properties inks pact with Nirmal to develop 14-acre plot in Thane.
MUMBAI( Courtsey Economic Times): Godrej Properties, the real estate development arm ofGodrej Group, has entered into a joint venture with another Mumbai-based realty developer Nirmal Ventures to develop aresidential project on a 14-acre land parcel in Thane.
This project on the Lal Bahadur Shastri (LBS) Marg will be developed under a development management agreement, Godrej Properties said in a release.
“We are happy to add this new project in Thane, a key micro-market of Mumbai. This strengthens our development portfolio in Thane and fits well with our strategy of deepening our presence in key markets across India’s leading cities,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
Spread over 14 acres, the project is estimated offer around 2.1 million sq ft of saleable area. The proposed residential development will have apartments of various configurations along with a small retail component.