Mumbai-based real estate company Godrej Properties said it has signed a joint venture agreement with Nirmal Ventures, also based in Mumbai, for developing a residential project in Thane.

The project, located on the Lal Bahadur Shastri (LBS) Marg, Thane West, will be developed under a development management agreement, the company said.

Spread over 14 acres, the project will offer approximately 1,95,000 square metres (2.1 million square feet) of saleable area and will be developed as a residential development comprising of residential apartments of various configurations along with a small retail component to support this residential development.

The project is located with easy access to the Eastern Express Highway, it said.

“The location offers extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls and residential and commercial spaces in close proximity.”

“We are happy to add this new project in Thane, a key micro-market of Mumbai. This strengthens our development portfolio in Thane and fits well with our strategy of deepening our presence in key markets across India’s leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.

Godrej Properties is part of the Godrej manufacturing group. The group took advantage of rising real estate prices in Mumbai to launch itself into the business by taking advantage of its extensive property holding within the city, particularly in Vikhroli and Ghatkopar.

Of late, it has also entered newer markets, particularly Bangalore.

It is currently developing residential, commercial and township projects spread across approximately 13.70 million square meters (140.10 million square feet) in 12 cities.

Nirmal is famous for several landmarks in Mumbai, including a large commercial and residential complex in Mulund. However, the company has not been able to expand as fast as some of its competitors in recent times due to a high debt load and a slowing real estate market.

It has therefore been tying up with other players to develop some of its assets.