Nirmal Lifestyle to develop 20 townships
A Business Correspondent
Nirmal Lifestyle, which develops malls and realty projects, plans to create 20 townships, under the brand name Lifestyle City, across India. Each Lifestyle
City will be spread across 300-1,000 acres of land. Lifestyle City is expected
to provide housing at affordable prices.
To begin with, the company plans to develop five townships in phase-I at a cost
of $5 billion. It has already identified the locations: Two in Mumbai and one
each in Pune and Panvel (Maharashtra), and Indore (Madhya Pradesh). These
projects are expected to generate a revenue of $10 billion.
Lifestyle City townships will feature some of the best-known brands in leisure,
hospitality, sports, shopping etc. Each of the mixed-use townships, featuring an
IT SEZ, will have a total builtup area of approximately 20 million sq. ft. Of
this about 75 per cent will be residential and around 25 per cent commercial,
which will include office space, retail, hospitality and social infrastructure
such as education, sports and entertainment.
All 20 Lifestyle City projects will have more than 60 per cent of total area as
Nirmal Lifestyle, a two-decade old company, has developed several residential
and commercial projects such as Nirmal Lifestyle, Mulund, in Mumbai. The company
is also building a 1,080-room hotel and convention centre in India with Accor
group of France.
Contact: Nirmal lifestyle, L.B.S. Marg, Opp. Nirmal Nagar, Mulund (W),
Mumbai, Maharashtra 400080. Tel: 022-67973180/81, 25905122/23 & 66430383; Fax:
022-67973182; E-mail: info@nirmallifestyle. com or email@example.com
[May 12-18, 2008]