Shapoorji Pallonji Group’s real estate arm SPREL has partnered with Lokhandwala Infrastructure to jointly develop a marquee project ‘Minerva’ coming up at Mahalaxmi in South Mumbai.
As per the development management agreement the Shapoorji Pallonji Real Estate (SPREL) will develop, manage and market the iconic project.
Under the development model, large realty firms step in as development managers for smaller developers and landowners, in return for a share of the revenue, share of profit or a management fee.
This partnership model got a boost in the last 2-3 years due to the rising distressed projects in the real estate market.
Minerva is 90-floor tall skyscraper coming up over midtown Mahalaxmi race-course. It offers 3BHK, 5BHK residential apartments and 4.5BHK, 6BHK duplexes.
“Minerva is one of the key luxury residential destinations in Mumbai. The addition of this project strengthens our development portfolio and fits well with our strategy of increasing product offering in the ultra-luxury residential segment,” SPREL chief executive Venkatesh Gopalkrishnan told PTI here.
He further said the development management business comprises a significant portion of our total portfolio and we see immense opportunity for this model in Mumbai market.
City-based Lokhandwala Infrastructure, as per its website, is developing various projects in the megapolis including luxury residential projects like ‘Victoria’ and ‘Empress Court’ in Worli, one commercial project in Andheri and two residential projects ‘Eden Gardens’ and ’27 Square’ in Dubai.
“We believe our customers and home buyers will derive enormous benefits from this extra ordinary value proposition,” Lokhandwala managing director Moiz Lokhandwala said.
He further said that Shapoorji Pallonji’s brand, credibility and ethos will truly make Minerva, the landmark of Mumbai and will be the natural choice for the exclusive home buyer in the luxury segment in one of the most premium locations in the city.