Piramal Realty sells apartments worth Rs 1500 cr in South Mumbai

Piramal Realty today said it has sold over 250 apartments worth Rs 1,500 crore in its housing project at South Mumbai.

The company is developing the project 'Piramal Mahalaxmi' jointly with Omkar Realtors with an investment of Rs 2,600 crore.

Piramal Realty said it achieved a sales bookings of 200 units on the first day of launch which was April 10. The company has now sold more than 250 units with sales value of around Rs 1,500 crore, the Mumbai-based developer said in a statement.

The starting price in this project is Rs 2.9 crore.

"This project is designed to offer luxury residences at competitive rates. Through this flagship development we aim to provide our customers an opportunity to buy a home/invest in South Mumbai," said Gaurav Sawhney, President, Sales & Marketing, Piramal Realty.

Piramal Realty, the real estate development arm of Piramal Group, has currently over 15 million sq ft of land under development.

Goldman Sachs and Warburg Pincus, two international equity partners, have invested about USD 434 million in the company, at the entity-level, which is one of the largest private equity investments in Indian real estate.