Piramal Realty to Invest Rs 3500 Cr in 4 Ongoing Housing Projects
Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 mn sq ft area to customers, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 mn sq ft of residential and commercial under development in the Mumbai Metropolitan Region (MMR). The company is developing 13 mn sq feet in phases across four residential projects in Mulund, Thane, Mahalaxmi, and Byculla in the MMR. The company is developing around 12,000 apartments across these four projects. In the next two years, it is scheduled to deliver another 60,00,000 (6 mn) square feet and will be making an investment of more than Rs 3,500 crores in construction. In this 6 mn sq ft area, about 4,500-5000 apartments will get delivered. The company has established itself in the premium luxury side 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. The company has clocked an average sales booking of Rs 2,000 crore annually in the last five years. To expand the business, it is looking at adding more land banks for future development and is exploring partnerships with land owners for joint development.
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