Shapoorji Pallonji Group's real estate arm Shapoorji Pallonji Real Estate (SPREL) has teamed up with Lokhandwala Infrastructure to complete its under-construction flagship project Minerva at Mahalaxmi in South Mumbai, Maharashtra.
As per the development management agreement, SPREL will develop, manage and market the iconic project. Under the development model, large realty firms step in as development managers for smaller developers and landowners, in return for a share of the revenue, share of profit or a management fee.
Minerva is a 90 floor skyscraper project which has been delayed for years even though the entire civil structure has been ready. The residential projetc will offer three BHK, five BHK residential apartments and 4.5 BHK, and six BHK duplexes.
Lokhandwala Infrastructure is developing various projects in Mumbai like 'Victoria' and 'Empress Court' in Worli, one commercial project in Andheri and two residential projects 'Eden Gardens' and '27 Square' in Dubai.
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