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Piramal Realty eyes Rs 2,200 crore sales revenue from Mumbai housing project

Piramal Realty has over 15 million sq ft of land under development. Goldman Sachs and Warburg Pincus, two international equity partners, have invested about $434 million in the company at the entity-level.

Representative image.
Representative image.

Piramal group's real estate firm Piramal Realty today said it expects Rs 2,200 crore sales revenue from the second tower of its luxury housing project in south Mumbai.

The company had tied up with Omkar Realtors for housing project 'Piramal Mahalaxmi' that has over 2 million sq ft of development potential. The total investment is estimated at Rs 2,600 crore to develop the entire project, which will have three towers.

Piramal Realty said in a statement that the company has launched the second tower in this project.

The 70-storeyed 'Central Tower' would have 150 units with starting price of Rs 6.64 crore.

"Excellent connectivity, lifetime views, competitively priced residences with a premium address in a city such as Mumbai will continue to remain the unique selling point of Piramal Mahalaxmi. Together, the two towers will represent a new era of contemporary living," said Piramal Realty CEO Naaman Atallah. When contacted, a company official said: "We are expecting a total sales realisation of about Rs 2,200 crore from the second tower".

In the first tower, the company has sold 300 units for about Rs 1,500 crore and is left with about 150 units for sale.

The company would launch one more tower in this project.

Piramal Realty has over 15 million sq ft of land under development. Goldman Sachs and Warburg Pincus, two international equity partners, have invested about $434 million in the company at the entity-level.
First Published on Jul 12, 2018 06:55 pm
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