Piramal Realty, Omkar join hands to develop Mahim project

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Piramal Realty has entered into a development agreement with Omkar Realtors for the latter's residential project in the city.

As a part of this agreement, Piramal plans to invest Rs 3,000 crore over the next few years and develop 2.2 million sqft over the four acres at an upcoming project at Mahim in central Mumbai, the company said in a statement on Thursday.

PTI had in April reported about the two city-based realtors were planning to jointly develop this 5-acre prime property in Mahim.

According to sources, the deal involves Omkar developing the slum rehabilitation component while Piramal will handle the commercially saleable component which will be a luxury residential development.

This is the second joint venture agreement between the two after the iconic Dhobi Ghat redevelopment project at Mahalaxmi spread across 12 acres.

"We are excited to develop this prime parcel that is not only a few minutes from the Sea-link but also offer a beautiful view of the Arabian Sea, the mangroves and other open spaces.

"With the opening of several world class malls, restaurants, hotels, schools and theatres, BKC will soon become the social and cultural nerve centre of the megapolis," Piramal Realty founder Anand Piramal said.

He further said while this is a tough time for realty market, it presents great value for customers, and exciting opportunities for developers with strong track records, trusted brand names and robust balance sheets to consolidate.

Founded in 2012, Piramal Realty is the real estate development arm of the Piramal Group, and has 17 million sqft of residential and commercial space under development in and around Mumbai.

In 2015, Wall Street major Goldman Sachs and Warburg Pincus had invested USD 235 million in Piramal Realty for a minority.