Godrej Properties and Nirmal come together for a township project

Property developer Nirmal entered into a development management agreement with Godrej Properties to develop an integrated township in the Thane district.

The company, in a statement, said that the 14 acres project has a saleable area of 2.1 million Sq.ft. and is expected to be launched later this year with a potential to generate revenue of about Rs 3,500 crore over the next five years.

The land parcel is jointly owned by Nirmal and Videocon.

"This newly launched vertical Nirmal Ventures aims at bringing world-class developments to the MMR region through unique partnerships. This partnership is special to us considering the incredible brand of Godrej Properties," Nirmal Chairman and Managing Director Dharmesh Jain said.

Godrej Properties Executive Chairman Pirojsha Godrej said, "The addition of this new project in Thane, a key micro-market of Mumbai, strengthens our development portfolio in the area and fits well with our strategy of deepening our presence in key markets across India's leading cities."

The share price of Godej Properties closed at Rs. 629.00 sinking 0.62 per cent or Rs. 3.90.The scrip opened at Rs 652 and touched a high and low of Rs 655.05 and Rs 623 respectively. The current market cap of the company is Rs 13609.69 crore.