Piramal Realty, Omkar Realtors tie-up to develop project in Mumbai’s Mahim
The real estate arm of the Piramal Group, Piramal Realty has entered into a joint venture with Omkar Realtors to develop a residential project in Mumbai.
The total investment of the project, which will come in up central Mumbai’s Mahim area, is expected to be around Rs 3,000 crore.
This is the second joint venture between Piramal Realty and Omkar Realtors. Both the companies are working together for a residential project in Mahalaxmi, south Mumbai. The Dhobi Ghat redevelopment project by the two real estate firms at Mahalaxmi is spread across 12 acres.
Omkar Realtors, which mainly focuses on slum development, has acquired several plots of land in central Mumbai region.
Piramal Realty, in a statement on Thursday, said it will in the next few years develop 2.2 million sqft over the four acres at an upcoming project at Mahim.
The Mahim residential project is close to BandraKurla Complex (BKC), Mumbai’s most prominent business district. It will also be largest residential project in the Mahim area.
AnandPiramal, founder of Piramal Realty, said his company was excited to develop the prime parcel of land, which is only a few minutes from the sea link. He said the area 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 [BandraKurla Complex] will this year become the social and cultural nerve centre of the city,” Piramal added.
Piramal Group had recently partnered with IIFL Wealth Management to invest in an alternative investment fund (AIF) of Rs 2,000 crore. This fund would focus on projects that need last-mile funding to speed up projected halted due to liquidity issues.
Ajay Piramal with a net worth of Rs 6,560 crore is ranked 10th on the GROHE Hurun India Real Estate List 2019, which was released last week.
Piramal Realty was founded in 2012 and is one of India’s prime real estate developers. The company got sales booking of Rs 3,400 crore last fiscal and is currently developing around 15 million sqft of residential and commercial area in and around Mumbai.
Goldman Sachs and Warburg Pincus had in 2015 invested USD 235 dollars for a minority stake in Piramal Realty.