Four Mumbai-based property developers - Hubtown, Marathon Realty, Terraform Realty and Rajesh Lifespaces have partnered with real estate fund IL&FS to launch a realty project in Mumbai.
The five entities have formed a consortium called Rare Townships to develop a township titled 'Rising City' off eastern Express Highway in Ghatkopar area of Mumbai. IL&FS India Realty Fund II has partnered the developers.
The project will have two, two and a half and three bed room houses.
"The idea is to collaborate and leverage on each others strengths. Developers can collaborate with each other as long as there is an element of transparency and honesty," said Vimal Shah, managing director, Hubtown, formerly called Ackruti City.