Piramal Sunteck, the real-estate joint venture between pharma major Ajay Piramal group and Sunteck Realty, a Mumbai-based real estate developer, is learnt to have bought a 1,00,000 sq ft plot in Kalina, Santacruz East in Mumbai.
The value of the deal could not be ascertained.
According to two persons close to the development the deal was sealed last week, and the company plans to construct a high-end commercial complex there.
An official spokesperson for Piramal Sunteck declined to comment.
It is reliably learnt that Piramals are now exploring real estate outside Mumbai and Anand Piramal, son of Ajay and Swati Piramal, will head the project. When contacted Ajay Piramal told HT, “My son is still studying.”
Anand, who already has a Masters in Economics from University of Pennsylvania is pursuing an MBA from Harvard Business School. He is expected to finish the course by 2011.
According to a source close to the Piramals, the group is exploring to develop their huge land parcels outside Mumbai. On the other hand, Sunteck Realty, head Kamal Khetan has told HT that “There is lot of scope in Mumbai, and we will stick to it. We wish to stick to out strengths and not explore projects outside Mumbai, unless they are really attractive.”
So a new joint venture would be the way out for Piramals.
Meanwhile, Sunteck Realty is also all set to launch a luxury project in Goregaon West where it will price the project at Rs 12,500 per sq ft. This would be one of the most ambitious prices in the area. Oberoi Developers, a major player in the area, has priced its luxury residential apartments at around Rs 11,000 per sq ft in Goregaon East.
The last land acquisition that the joint venture company did was in 2008, when it bought two land parcels in Bandra Kurla Complex (BKC) for Rs 496 crore. The company has paid half the amount till date.
The Mumbai Metropolitan Region Development Authority (MMRDA) has set the firm a deadline of March 2011 to complete the payment.