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Source: media reports

Nirmal to build five townships

Nirmal to build five townships
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First Published: Mon, May 05 2008. 10 15 PM IST
Updated: Mon, May 05 2008. 10 15 PM IST
Mumbai: Real estate developer Nirmal Lifestyle Ltd said on Monday it plans to build five integrated townships costing about $5 billion (Rs20,300 crore) in 10 years.
The firm, which has developed a township, and residential and retail projects in the city, said three of the townships will be here, and one each in Pune and Indore.
“We are finalizing the land acquisition for these projects, and will start work on two of them by the fourth quarter of this fiscal,” said chairman Dharmesh Jain.
Each of the projects will include an IT special economic zone, and will have about 20 million sq. ft each, he said.
“We will be able to fund the land acquisition through internal accruals. For each city, we will also look at partners but that will only be on maturity of the project,” Jain said.
“We also plan to go public in the next 12-18 months.”
Nirmal is currently developing a 3 million sq. ft shopping mall in Mumbai and a 1,080-room hotel project, jointly with France’s Accor SA.
Real estate developers in India have rushed to set up industrial zones and townships in the last few years due to easier investment rules and rising demand for homes and offices.
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First Published: Mon, May 05 2008. 10 15 PM IST