Godrej Properties Ltd, on September 14, 2017, announced that it has entered into a joint venture with Nirmal Ventures, for developing a residential project located on the Lal Bahadur Shastri (LBS) Marg, in Thane west. This project will be developed under a development management agreement.
Spread over 14 acres, the project will offer approximately 1,95,000 sq metres (2.1 million sq ft) of saleable area and will be developed as a residential development, comprising of modern residential apartments of various configurations, along with a small retail component to support this residential development.
Commenting on the joint venture, Pirojsha Godrej, executive chairman, Godrej Properties said, “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. We will seek to ensure that this project delivers an outstanding lifestyle for its residents.” Godrej Properties is currently developing residential, commercial and township projects, spread across approximately 13.70 million sq meters (140.10 million sq ft) in 12 cities.
Dharmesh Jain, chairman and MD, Nirmal, added, “This partnership is special to us, considering the incredible brand that Godrej is. Together, we will create exceptional value for our customers. We look forward to a promising outcome.”