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Shapoorji Pallonji Collaborates With Lokhandwala Infrastructure

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Shapoorji Pallonji Collaborates With Lokhandwala Infrastructure

Shapoorji Pallonji and Lokhandwala Infrastructure to co-develop ultra-luxurious residential project ‘Minerva’ in Mahalaxmi, Mumbai  

Real estate giant Shapoorji Pallonji has joined hands with Lokhandwala Infrastructure to co-develop a premium real estate project in Mahalaxmi named Minerva. Shapoorji Pallonji Group is working on this prestigious project through its real estate arm Shapoorji Pallonji Real Estate (SPREL).

According to the development management agreement between the duo, Minerva will be developed, managed and marketed by SPREL. Such development models see large realty firms step in as development managers for smaller developers and landowners, in return for a share of the revenue, the share of profit or a management fee. Since 2016, such collaborations have become popular because of the fact that most developers can’t execute the completion of their projects.

Minerva will have 90 floors and will consist of 3 BHK and 5 BHK residences and 4.5 BHK and 6 BHK duplex apartments. SPREL chief executive Venkatesh

Gopalkrishnan confirmed the news. He added that Minerva falls under the ultra-luxurious category of homes in Mumbai.

Mahalaxmi Racecourse can be seen from Minerva’s residences. It also offers panoramic views of the Arabian Sea. “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,” Gopalkrishnan said.

Gopalkrishnan stated that development management business comprises a significant portion of the company’s total portfolio. “We see immense opportunity for this model in Mumbai market,” Gopalkrishnan added.

Lokhandwala Infrastructure’s managing director Moiz Lokhandwala said, “We believe our customers and homebuyers will derive enormous benefits from this extraordinary value proposition.”

Lokhandwala added that Shapoorji Pallonji’s brand, credibility and ethos will truly make Minerva, the landmark of Mumbai. It will become the numero uno choice for homebuyers of the luxury segment.

Lokhandwala Infrastructure is based in Mumbai and is currently working on many projects which include luxury residential projects like Victoria and Empress Court in Worli, one commercial project in Andheri. It is also developing two residential projects Eden Gardens and 27 Square in Dubai.

 

Source: Economic Times

ALSO READ: Shapoorji Pallonji, Ariisto In Talks For Redevelopment Project

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