Piramal Realty acquires 2.2 million sq-ft in Mahim
To invest over Rs 3000 crores on the development
Piramal Realty has announced its second Joint Development Agreement (JDA) with Omkar for a residential project in Mahim this week. Piramal Realty intends to develop 2.2 million square feet over 4 acres and plans to invest Rs 3000 crores over the next few years. The development benefits from being in close proximity to Mumbai’s Premiere Business District of BKC. This would be the largest residential development in the Mahim/BKC area.
Anand Piramal, founder, Piramal Realty, said: “At Piramal Realty, we are excited to develop this prime parcel which is not only a few minutes from the sea link but also enjoys beautiful views of the sea, mangroves and other open spaces. With the opening of several world class malls, restaurants, hotels, schools and theatres, BKC will this year become the social and cultural nerve centre of the city.”
While this is a tough time for real estate markets, it presents great value for customers, and exciting opportunities for developers with strong track records, trusted brand names and robust balance sheets to consolidate. Last fiscal, with Rs 3400 crores in sales, Piramal Realty was ranked 2nd largest developer in Mumbai Metropolitan Region (MMR) by sales and amongst the Top 5 developers in the country by sales.