Nirmal Ventures cracks first and largest deal post RERA – is this the beginning for a new trend in real estate?
Nirmal Lifestyle found opportunity in challenge while the real estate industry was coping with the reforms, such as RERA. In the wake of turbulent time in the market with reforms like GST and RERA, NIRMAL managed to successfully raised over 14000+ crores through tactical partnerships with esteemed industry names, such as L&T Finance, GodrejPropertiesandShapoorjiPallonji.
The L&T and Nirmal project alliance last year is expected to generate a turnover of approximately Rs. 5500 crore over 7-8 years and comprises 32 lac sq. ft of area. The joint venture with Godrej Properties project is an integrated township, with both its residential and commercial development expected to generate revenue of approximately Rs 3,500 crore over the next 5 years.
Nirmal wanted to engineer a way to bring fast paced development to the key micro markets so it tied up similar partnerships with like-minded companies, to elevate Mulund, Thane and Kalyan as one of the finest residential & commercial destinations in the country. Nirmal wanted to address the current concern of buyers wanting to invest with established developers having proven track records. With these joint collaborations, Nirmal aims to strengthenits development portfolio in Thane, Kalyan and Mulund that syncs wellwithits overall strategy of deepeningitspresence in key micro marketsacrossIndia’sleadingcities.
Nirmal plans to venture into the commercial and retail real estate space with their master development projects in Mulund, Thane and Kalyan in the pipeline. In future, Nirmal shall be investing in master developments in the commercial and retail space in Mulund,Thane and Kalyan. Developers are following suit and having joint alliances to bring in outside expertise to their designs and enhance the quality of their structures.