L&T Realty and Nirmal Lifestyle join hands to develop Mulund land parcel
L&T Realty has entered into an agreement with Nirmal Lifestyle Developers to jointly develop a nearly 20-acre land parcel on LBS Marg in Mulund, Mumbai.
The proposed development will be funded by L&T Finance for Rs 570 crore. About Rs 400 crore of this funding will be used to redeem NCDs of Green Maiden A 2013 Trust, Kotak Investment Advisors and INQ Holding -acting through Debenture Trustee IDBI Trusteeship Services. The balance is expected to be used for the project. The project has a saleable development potential of around 3 million sq ft, and is expected to generate estimated revenue of Rs 5,500 crore over the next 7-8 years.
According to Dharmesh Jain, chairman, Nirmal Lifestyle Developers, the company has more than 1 crore sq ft of balance development potential in Mulund and is planning to line up more such partnerships. “We are in talks to execute more such partnerships going forward,” Jain told media.