NIRMAL & L&T come together to develop 3mn sqft project inMulund for approx. 5500 crore

NIRMAL, one of Mumbai’s leading real estate firms with a stronghold in Mulund has entered in a Joint Development Program with L&T Realty to build one of the finest Integrated Residential Development in the country. The project is expected to generate a turnover of approximately Rs. 5500 crore over the next 7 to 8 years which has a saleable potential of approximately 32 lac sq. ft.

The upcoming Project will be funded by L & T Finance Limited (LTF) to the tune of Rs. 570 Crores out of which the NCD’s issued by Green Maiden A 2013 Trust, Kotak Investment Advisors Limited and INQ Holding LLC (acting through Debenture Trustee IDBI Trusteeship Services Pvt Ltd) will be repaid to the extent of approx. Rs. 400 Crores and the balance amount shall be utilized for the project.

While making this announcement, Mr. Dharmesh Jain, Chairman and Managing Director, NIRMAL stated, “We are extremely pleased to join hands with L&T. L&T is one of the finest companies in the country and our association will bring great collective advantage to the region. We have engineered a way to bring fast paced development to Mulund. NIRMAL has more than one croresqft of balance development potential in Mulund. In line with our long term strategy of bringing the best in the he county and the world, NIRMAL will line up similar partnerships with like-minded companies, to elevate Mulund as one of the finest residential & commercial destinations in the country.”

The project is expected to launch by January 2018.

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