Nirmal Lifestle to build lifestyle cities with $5 bn investment

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Mumbai, May 5 (UNI) Real Estate Developer Nirmal Lifestyle, today announced its plans to create 20 world-class townships under the brand name of Lifestyle City across India, with the phase one investment of USD five billion dollars in five townships.

Initial five locations will include two in Mumbai, one each in Pune, Indore and Panvel. These projects are expected to generate a revenue of 10 billion dollars.

Each Lifestyle City would be spread across 300 to 1,000 acres of land. Through Lifestyle City, Nirmal Lifestyle plans to deliver world class housing at affordable prices to the consumers.

''Our endeavor has always been to set new Benchmarks in realty development,'' Nirmal Lifestyle Limited Chairman and Managing Director Dharmesh Jain said.

''We would like to redefine the Indian urban landscape in line with the expectations of our customers who have been demanding the best at home, office and during his leisure hours,'' he added.

Each of the mixed-use townships, featuring an IT SEZ, would have a total built-up of 20 mn sq ft approximately. Of this 75 per cent would be residential and the balance commercial area, which would include office spaces, retail, hospitality and social infrastructure. Each Lifestyle City would have more than 60 per cent of total area as green space.

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