Piramal pushes Rs. 1,800-cr in realty venture

In an attempt to make most out of the emerging scenario in the country's real estate sector, Piramal Realty has decided to invest Rs. 1,800-cr in its upcoming residential project in Mulund suburban areas of Mumbai, Executive Director, Piramal Group, Anand Piramal said, adding that the company is witnessing good traction both in commercial and residential sales after demonetization and it will be on course to achieve its sales target of Rs. 1,250-cr in the current fiscal. While commercial sales account for 35% of its portfolio, the balance will come from residential segment, as the company will be making investment through a mix of debt and equity by using funds from Goldman Sachs and Warburg Pincus to develop the project as the builder has already received commencement certificate of the project. About 25% of the cost is on land, the balance will be for execution in a project offering 1,2,3 BHK units on a space ranging from 450 to 1,200 sq. ft., he claimed.