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Piramals join the rush for property development

india Updated: Nov 15, 2007 21:35 IST
Suprotip Ghosh
Suprotip Ghosh
Hindustan Times
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Another big business group is getting into property development. Piramal Enterprises, part of the Ajay Piramal Group, is planning to develop properties in Mumbai’s central and northern regions.

To that end, the company has set up a joint venture (JV) with Sunteck Realty, Mumbai-based real estate developers. “We are planning to develop properties in central and northern Mumbai, besides the information technology park near Dharavi,” Ajay Piramal, MD, Ajay Piramal Group, told Hindustan Times.

The move comes close on the heels of Ashok Piramal Group—formed after a formal family settlement with the Ajay Piramal group-- to develop areas near Lower Parel in Central Mumbai as an IT park.

The new projects would be both commercial as well as ultra-luxury residential. Mumbai’s central areas, in and around Grant Road, Parel and Tardeo are in for major development, according to recent reports.

The JV, called Piramal Sunteck Realty Pvt. Ltd. will focus on realty projects in locations in metros and select tier-II cities across the country, according to a release from the company. The names of the cities were not specified. The JV will have a corpus of Rs 1000 crore.

The first project would a commercial-cum­-Information Technology (IT) park of over ten lakh square feet at Sion, Mumbai, near Dharavi in North Central Mumbai.

In addition to ultra luxury residential projects, Piramal Sunteck Realty Pvt. Ltd. will develop commercial projects, mixed-use townships and Special Economic Zones (SEZ).

"We would like to set new benchmarks of quality by employing top-class professionals and by using world-class technology," Kamal Khetan, Chairman, Sunteck Realty Ltd was quoted in the release as saying. "We will strive to leverage the synergies of both the Groups to emerge as one of the top realty companies in the country in the coming years," he added.