Accelerating the pace of the construction in realty projects across the country, Piramal Group's, realty arm, Piramal Realty has decided to invest a whopping sum worth Rs. 40,000-cr of which Rs 16,000-cr has been earmarked for executing the existing projects and buying land for newer ones, Executive Director, Anand Piramal, said adding that an amount worth Rs 22,000-cr will come from investment vehicle Piramal Fund Management. On this score, the company is also scouting for opportunities in land acquisition and joint development space. It may be recalled that 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 and that Piramal Realty has targeted Rs 4,300-cr for a residential project Piramal Aranya in Mumbai's Byculla locality where the project is spread over seven acres and has a development potential of 3.7 million sq. ft. over the next four years, he said.
