Piramal Realty Targets Rs 2,200 Cr Sales Bookings This Fiscal
Piramal Realty is targeting about Rs 2,200 crore sales bookings this fiscal, up over 40 percent year-on-year, on strong housing demand. Founded in 2012, Piramal Realty is the real estate development arm of business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial space under development in the Mumbai Metropolitan Region (MMR). The company has achieved average annual sales bookings of around Rs 2,000 crore in the past five years as it witnessed robust demand for its residential properties across four projects that it has launched so far. Piramal Realty is developing around 12,000 apartments, covering a 13 million square feet area, in phases across four residential projects in Mulund, Thane, Mahalaxmi, and Byculla in the MMR. Sawhney said the company is focusing aggressively on delivery. It has already started handing over the first set of 1,000 apartments to its customers totaling about 1 million square feet. In the next two years, Piramal Realty is targeting to deliver another 60,00,000 (6 million) square feet. In this 6 million square feet area, about 4,500-5,000 apartments will get delivered. Out of the 13 million square feet of planned development, Piramal Realty has so far launched around 8-8.5 million square feet in these four projects. The remaining 4-5 million square feet will be launched over the next two years. The total sales revenue potential in these four projects is estimated at around Rs 20,000 crore, of which around 50 percent has already been achieved. The company has established itself in the premium luxury segment of the market, with a lot of emphasis on green initiatives, better use of space inside as well as outside the apartments and community living. It is exploring partnerships with land owners for joint development. In 2015, Piramal Realty raised $235 million at an entity level from private equity players Warburg Pincus and Goldman Sachs.
Tags : Piramal Realty sales booking development business conglomerate Piramal Group Mumbai Metropolitan Region