Shapoorji Pallonji Group, has Signed Development Management Contract with Lokhandwala Infrastructure to revive Minerva

Shapoorji Pallonji Group, has Signed Development Management Contract with Lokhandwala Infrastructure to revive Minerva

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5 year(s) ago

Shapoorji Pallonji Real Estate Takes Over the Completion and Marketing of a Stalled Luxury Project in Mumbai. Shapoorji Pallonji Real Estate (SPREL), the real estate arm of Shapoorji Pallonji Group, has joined forces with Lokhandwala Infrastructure to revive Minerva, a stalled ultra-luxury residential project in Mahalaxmi. Shapoorji Pallonji Group, has Signed Development Management Contract with Lokhandwala Infrastructure to revive Minerva

Project Details:

  • Project Name: Minerva
  • Location: Mahalaxmi, South Mumbai
  • Number of Floors: 90
  • Apartment Configurations: 3 BHK, 5 BHK residences, 4.5 BHK & 6 BHK duplexes

Project Revival:

  • SPREL will handle the development, management, and marketing of Minerva under a development management agreement. This model allows larger firms like SPREL to assist smaller developers in completing projects for a share of revenue, profit, or a management fee.
  • The project’s civil structure is already complete, but it has been facing delays for several years.

Benefits of the Partnership:

  • Enhanced Market Reach & Expertise: SPREL’s established reputation and expertise are expected to boost marketing efforts and attract potential buyers in the ultra-luxury segment.
  • Project Completion & Value Creation: SPREL’s involvement increases the likelihood of successful completion, allowing Lokhandwala Infrastructure to unlock the project’s value.

Statements from Key Players:

  • Venkatesh Gopalkrishnan, CEO, SPREL: Highlighted the strategic fit of Minerva within their portfolio and their focus on expanding their ultra-luxury residential offerings. He also sees significant potential for the development management model in Mumbai.
  • Moiz Lokhandwala, Managing Director, Lokhandwala Infrastructure: Expressed confidence that homebuyers will benefit from this collaboration and believes Shapoorji Pallonji’s brand reputation will solidify Minerva’s position as a landmark project and the preferred choice for luxury homebuyers.

Lokhandwala Infrastructure’s Portfolio:

Lokhandwala Infrastructure’s other ongoing projects, include luxury residential developments in Worli (Victoria & Empress Court) and Dubai (Eden Gardens & 27 Square).

Overall Significance:

This collaboration signifies a trend in the Mumbai real estate market where larger firms are assisting smaller developers in completing stalled projects. By leveraging SPREL’s expertise, Minerva has a higher chance of successful completion and becoming a sought-after address in Mumbai’s luxury residential market.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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