Mumbai, July 21 -- Sanjay Ghodawat Group (SGG) and Nordstar Estates (Nordstar) have formed an institutional real estate development platform named NEVORA to develop residential and commercial properties. The joint venture will focus on projects across Mumbai and Bengaluru and has set a gross development value target of Rs 50 bn over the next few years. The partners said the platform is intended to marshal institutional capital and deliver projects at scale.
SGG, a Kolhapur based diversified group, has delivered more than 12 mn square feet of residential and commercial projects and has a further five mn square feet under development. Nordstar is an institutional real estate development platform with more than US$400 mn in institutional capital under management, more than 700 acres transacted and in excess of 20 mn square feet of development experience. The combination is designed to blend local land acquisition and society redevelopment expertise with large scale development management.
NEVORA will target premium apartments and commercial assets in Mumbai key micro markets as well as emerging lifestyle destinations including Alibaug, Karjat and Vasai. In Bengaluru the platform will focus on established and emerging tech corridor locations building on Nordstar existing footprint. The partners noted that India current market dynamics are being shaped by institutional investors, higher governance standards and greater technology adoption. The platform will seek partnerships with local developers and institutional investors to accelerate delivery and enhance governance across projects.
The venture will follow disciplined land acquisition and rigorous underwriting as the foundation for project selection while deploying institutional capital and experienced development teams. The partners intend to address buyer expectations for quality transparency and a seamless end to end experience from enquiry to handover. NEVORA aims to deliver assets that are built to last and crafted to elevate urban living in priority markets. Execution timelines will be defined.
Published by HT Digital Content Services with permission from Construction World.