Piramal Group's real estate arm Piramal Realty and Omkar Realtors and Developers will jointly develop a 2 million-sq. ft, office complex at Mumbai's Andheri area. Last year, the two companies had enetered into a development agreement for a 12-acre project in south Mumbai. Joint developments are a lifeline for mid-sized developers that are unable to complete projects because of a liquidity crunch. Pacts with larger realty firms allow them to monetize their land holdings and pare debt. The office project would be developed as part of a 63-acre mixed-use development comprising high-end and mid-income homes, office space and a shopping mall.
📅Published on:
10 May 2019
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