Mittal Builders, HoABL ink JV for 11-acre township in MMR, to invest Rs 2,000 cr
Mittal Builders
has entered into a strategic Joint Development Agreement (JDA) with The
House of Abhinandan Lodha
(
HoABL
) to co-develop a 3 million sq ft large-format integrated township on 11 acres in Mumbai Metropolitan Region's Naigaon area with an investment of Rs 2,000 crore.
The township, comprising high-rise residential towers with over 4,600 apartments and high-street retail is estimated to hold a Gross Development Value (GDV) of over Rs 3,000 crore in the next 3-5 years, the developer said in a release.
The development will be delivered in phases over five years as a self-sustained urban ecosystem.
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The project is part of long-term development plan of Mittal Builders' that holds a total 70 acres in Naigaon with 6.5 million sq ft of further development potential, and a projected GDV of over Rs 8,000 crore
Mumbai- headquartered Mittal Builders' portfolio consists of 50 million sq ft across more than 2,000 buildings in Mumbai, Thane, Pune, Delhi, Bangalore, Hyderabad, and Nagpur.
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HoABL has delivered four projects totalling about 15 million sq ft of developed land and has additional 30 million sq ft under development across Alibaug, Anjarle, Ayodhya, Dapoli, Goa, Khopoli, Nagpur, and Neral in Maharashtra, with upcoming developments in Amritsar, Shimla, Varanasi, and Vrindavan.
The company has recently forayed into vertical
real estate
development in Mumbai with two projects in south Mumbai and this one with Mittal Builders in the north Mumbai region.
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