Piramal Realty To Kick off Five Residential Projects in Mumbai
Piramal Realty Limited to launch five residential projects in Mumbai at an estimated investment of about Rs 1500 crore. The company will develop about 30 million sq. ft through land acquisitions funded from its own sources, without any borrowing, managing director Khushru Jijina said.
The developer is evaluating 20 projects across Mumbai, Pune and Nashik. Land procurement is at an advanced stage for five large residential projects in Mumbai that are expected to be launched in the next year or so, Jijina said.
“We are looking at various segments for development, which include premium residences, premium office spaces, second homes, and low-cost housing as well as the redevelopment space in Mumbai,” he said.
Part of the Rs 17,000 crore that was raised through the sale of Piramal Healthcare Ltd’s branded generics business to Abbott Laboratories would be used to create new businesses, including property development, Piramal Group chairman Ajay Piramal had said in an interview last year.
“This growing trend of corporates such as Piramals, Godrej and Tatas venturing into real estate will increase the transparency and credibility in the sector because they will build organizations, put systems in place and also look at the ethical and legal parameters,” said Anuj Puri, chairman and country head, Jones Lang LaSalle India, a property advisory.
In the low-cost category, Piramal Realty would look at both the `10 lakh as well as the Rs 20-25 lakh segments, Jijina said. The firm is eyeing a number of big ticket land deals, including the property of Mafatlal Mills in Byculla, Mumbai. The estimated price tag of this acquisition alone would be more than Rs 700 crore.
Piramal Realty has also bought a majority stake in a large commercial project in Kurla, a Mumbai suburb, this year after Indiareit Fund Advisors Pvt. Ltd, a fund backed by Ajay Piramal, exited with a return of Rs 400 crore. Jijina said they bought the stake through “a competitive bidding process where other developers also participated”.
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