Sanjay Ghodawat Group (SGG), a Kolhapur-based diversified group, has partnered with real estate development firm Nordstar Estates to launch an institutional real estate development platform. According to reports from Business Standard, the joint venture (JV), NEVORA, will focus on developing residential and commercial projects across Mumbai and Bengaluru, targeting a gross development value (GDV) of ₹5,000 crore over the next few years. The partnership has been formally announced as Ghodawat Nordstar Pvt. Ltd., combining SGG's operational and financial base across aviation, FMCG, education, energy, and retail with Nordstar's track record in institutional capital management and large-scale real estate development in India and the United States.
In a joint statement issued on Thursday, SGG and Nordstar said the JV has been established to tap India's evolving real estate market, where institutional capital, technology adoption and higher governance standards are redefining the sector. Shrenik Ghodawat, managing director, Sanjay Ghodawat Group, stated that India's real estate sector is at an inflection point, with buyers demanding quality, transparency, and seamless experience from enquiry to handover. The partnership will focus on energy efficiency and technology-driven solutions, with Sharab Reddy, co-founder of Nordstar Estates, emphasizing that disciplined land acquisition and rigorous underwriting form the foundation of the platform's approach. Shrenik Ghodawat added that through this partnership, they are committed to delivering assets that are not just built to last but crafted to elevate urban living.
According to the report, SGG has delivered more than 12 million square feet of residential and commercial projects through its real estate business, with another 5 million square feet currently under development. The group employs over 11,000 people and was founded in 1993. Nordstar Estates brings significant institutional experience, with Dhruv Dua and Sharab Reddy bringing over $400 million in institutional capital managed and development experience spanning more than 20 million square feet. The firm has more than 700 acres transacted and operates in areas such as direct land acquisition and development management through partnerships with developers.
The JV is targeting premium apartments and commercial assets across Mumbai's key micro-markets, including South and Central Mumbai, Western and Central Suburbs, and lifestyle destinations such as Alibaug, Karjat and Vasai. In Bengaluru, the JV will focus on the city's established and emerging tech-corridor locations, building on Nordstar's existing footprint in the market. The NEVORA consumer brand identity is set to be formally unveiled in the coming months. Dhruv Dua, co-founder of Nordstar Estates, emphasized that by bringing together proven expertise in land acquisition and society redevelopment, institutional capital deployment, and large-scale development management, the partnership is uniquely equipped to address India's evolving urban landscape.
The announcement comes as India's real estate market is projected to grow from $650 billion in 2025 to $5.8 trillion by 2047, according to a FICCI-KPMG report. This growth trajectory provides a favorable backdrop for the joint venture's ambitious expansion plans. The partnership leverages SGG's established presence across multiple sectors and Nordstar's specialized real estate expertise to capitalize on India's evolving institutional real estate landscape.
