Mumbai’s Dhobi Ghat revamp: Piramal Realty, Omkar join hands to develop residential project
Sign Development Agreement where Piramal would invest Rs2,600 crore in this project and would get 60 % of revenue shareUpdated: Jan 16, 2018 00:14 IST
The iconic Dhobi Ghat redevelopment project got a boost as Piramal Realty has joined hands with Omkar Realtors to execute a residential project spread across 12 acres of prime land at Mahalaxmi.
Both Piramal and Omkar have signed a Development Agreement where Piramal would invest Rs2,600 crore in this project and would get 60 % of revenue share. Piramal Realty will execute the entire project right from designing, development, construction as well as sales.
Anand Piramal, founder, Piramal Realty, said, “ With unrestricted views of the Race Course and the Sea, this promises to be Mumbai’s most prestigious residential project. We intend to build a world-class development that sets a new benchmark for design, quality and customer-centricity in Mumbai.”
Piramal is set to furnish a deposit of Rs400 crore and will appoint CallisonRTKL, a global architecture, planning and design firm, to design the project.
Gaurav Gupta, director, Omkar Group, said the partnership will deliver an excellent value proposition to all the stakeholders of the project.
Dhobi Ghat is one of the largest open laundries in the world and an important tourist attraction in Mumbai. The redevelopment plan includes rehabilitating slum dwellers and refurbishing the open laundry, which is more than a century old and a city heritage structure. The British administration had created the ghat, a washing area, with 731 washing pans and flogging stones. The area around it was an open area meant for cleaning and drying, which was then systematically taken over by slumlords.