Sanjay Ghodawat Group (SGG), a diversified conglomerate, has partnered with Nordstar Estates (Nordstar) to launch “NEVORA”, a next-generation institutional real estate development platform, marking its strategic expansion into India’s real estate sector. The joint venture will focus on developing residential and commercial projects across Bengaluru and Mumbai and their respective micro-markets and plans to achieve a GDV of over INR 5,000 crores in the next few years.
NEVORA brings together SGG’s diverse operational capabilities and strong financial expertise spanning Aviation, FMCG, Education, Energy, Retail and Real Estate, with Nordstar’s proven track record in institutional capital management and large-scale real estate development across India and the United States.
The JV has been established to tap into India’s evolving real estate market, where institutional capital, technology adoption, and higher governance standards are redefining the sector. The move comes as the country’s real estate market is projected to expand nearly nine-fold from USD 650 billion in 2025 to USD 5.8 trillion by 2047, according to a FICCI-KPMG report. The partners will focus on delivering developments that emphasize quality, transparency, and sustainability. The JV will market its projects under NEVORA, a dedicated consumer-facing brand identity to be unveiled in the coming months.
Shrenik Ghodawat, Managing Director, Sanjay Ghodawat Group, said, “India’s real estate sector is at an inflection point. Buyers today demand more than just location; they expect quality, transparency, and a seamless experience from enquiry to handover. Through this partnership, we are committed to delivering assets that are not just built to last but crafted to elevate urban living. Our focus on responsible development, energy efficiency, and technology-driven solutions reflects our vision for the future of Indian real estate.”
Dhruv Dua, Co-Founder, Nordstar Estates, said, “This platform is built on the principles of strong financial discipline, development excellence, and a customer-centric approach. By bringing together proven expertise in land acquisition and society redevelopment, institutional capital deployment, and large-scale development management, we are uniquely equipped to address the needs of India’s evolving urban landscape.”
Sharab Reddy, Co-Founder, Nordstar Estates, said, “Our approach starts with disciplined land acquisition and rigorous underwriting – the foundation for every project we take on. Partnering with SGG gives us the scale and local depth to bring that discipline to two of India’s most dynamic markets, Mumbai and Bengaluru. Our goal is to create communities with identity and assets that endure well beyond possession.”
Ghodawat Nordstar Pvt. Ltd. is targeting premium apartments and commercial assets across Mumbai’s key micro-markets, from established addresses in South and Central Mumbai to high-demand corridors in the Western and Central Suburbs, as well as emerging lifestyle destinations including Alibaug, Karjat, and Vasai. In Bengaluru, the JV will target the city’s established and emerging tech-corridor addresses, building on Nordstar’s existing execution footprint in the market. These regions are witnessing strong absorption rates and surging demand for quality residential and commercial spaces. The JV draws on SGG’s and Nordstar’s combined track record of institutional-grade developments across Mumbai, Pune, Bengaluru, and Kolhapur.
