Piramal Realty plans Rs. 43,300cr projects

    Piramal Realty
    Adding to its project portfolio in the country's real estate sector, Piramal Realty has chalked out an ambitious plan at the consolidated level entailing a staggering investment worth Rs 40,300cr, including Rs 22,000-cr by real estate investment vehicle Piramal Fund Management. Out of the targeted investment it is investing Rs 16,000-cr on land acquisition and execution of ongoing projects over the next four years.

    Majority of this will go towards construction of current projects including the investment of Rs 4,300-cr in a residential project Piramal Aranya in Mumbai's Byculla locality where the project is spread over an area of seven acres and has a development potential of 3.7 million sq. ft. on a land parcel it acquired next to Byculla zoo from textile major Mafatlal Industries for Rs 606-cr and is now launching the project after securing all approvals where it is building three-and four-bedroom apartments priced at Rs 8-cr and Rs 12-cr, respectively, Executive Director of the Piramal Group, Anand Piramal, said elaborating that the player is scouting for opportunities in land acquisition and joint development space. International investors Goldman Sachs and Warburg Pincus infused about $434 million in Piramal Realty last year, the largest private equity commitment to Indian real estate.
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