Godrej Properties, Nirmal Ventures ink JV for new Thane project

New Delhi: Realty firm Godrej Properties on Thursday said it has entered into a joint venture with Nirmal Ventures to develop a residential project in suburban Thane, near Mumbai.

The new project to be come up in Thane West will be spread over 14 acres and with saleable area of 1,95,000 square metres, will be developed under a development management agreement, the Mumbai-based company said in a BSE filing.

In the Thane project, Godrej Properties will build modern apartments of various configurations along with a small retail component to support residential development.

Godrej Properties Executive Chairman Pirojsha Godrej said that adding this new project in Thane, a key micro-market of Mumbai, strengthens the company's development portfolio.

The company is currently developing residential, commercial and township projects across about 138 million sq ft in 12 cities.

Shares of the company were trading down at Rs 631.50 apiece at 1230 hours on the BSE.