The project is a part of the 32-acre township project Piramal Vaikunth, which will be spread across five acres and have a development potential of 2 million sq ft.
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.
Piramal Realty sold nearly 1,000 apartments in the last fiscal, with South Mumbai accounting for more than half of the total sales.
The company currently has over 15 million sq ft of saleable area under development across five projects and plans to take it to nearly 30 million sq ft, which will be a mix of residential and commercial real estate.
Price of luxurious residences start at Rs 6.64 crore
The company is developing the project 'Piramal Mahalaxmi' jointly with Omkar Realtors with an investment of Rs 2,600 crore.
PRL to develop South Mumbai’s largest residential project of over 2 million square feet; to invest Rs 2,600 crore in the development
This land parcel is located next to its existing housing project 'Piramal Revanta' at Mulund in Mumbai, the company said in a statement.
Piramal group's real estate firm Piramal Realty will invest Rs 1,800 crore to develop a new project in Mumbai.
Despite a 25 percent drop in sales due to demonetisation, Piramal Realty will meet its sales target for the current fiscal year - that's the word coming from Executive Director of Piramal Group, Anand Piramal.
GSK had tried to sell the land parcel in 2014. But the deal fell through because of legal hurdles. Piramal Realty and K Raheja were frontrunners to buy the plot in 2014.
The Mumbai-based realty firm is developing a project in Byculla - Piramal Aranya - with the total investment pegged at Rs 4,450 crore, including land, and project development and execution costs, the company said in a statement today.
Piramal Realty awards contract to India’s leading engineering and ...
Spread over 16.25 acres, the project, to be developed as a corporate park, will have independent buildings and multi-format office spaces ranging from over 3,200 sqft carpet area to over 1,00,000 sqft of contiguous carpet area on a single floor plate, the company said in a statement here.
Spread across seven acre, the company plans to develop a 70 storey tower with a construction area of 3.7 million sq ft. The prices of the apartments, 3BHK and 4BHK, range between Rs 8 crore and Rs 12 crore.
The deal of 2015 that stands out the most is the buyout of Mumbai's iconic Lincoln House by the suave deal maker Cyrus Poonawala from the US government worth a whopping Rs 750 crore making it the largest residential real estate deal in the country.
In an interview with CNBC-TV18, Anand Piramal, Executive Director of Piramal Group the funds will be utilised for existing as well as new projects and for acquiring additional land.
Shares of DB Realty jumped more than 8 percent intraday Wednesday as the company is in talks with Piramal Realty to sell 2.2 acre plot in Mumbai.
The buyer of the land, however, will have to make additional payments to the state government for various clearances.
Om Ahuja, CEO â€“ Residential Services, Jones Land LaSalle, said, "Chembur happens to be the best connected place of Mumbai and will continue to see lot more demand there. There is not too much of supply which is hitting Chembur as a market."
On December 12, 2012 Ajay Piramal owned Piramal Realty had a rethink on Mumbai's iconic building, famous studios in Mahalaxmi. Now DB Realty is back in the running for this property, reports CNBC-TV18‘s Priyanka Ghosh.
Ajay Piramal owned Piramal Realty had inked a joint venture to undertake redevelopment of Famous Studio which is located in Central Mumbai. According to sources this transaction which was sealed eight months back has now fallen through, reports Priyanka Ghosh of CNBC-TV18.
CNBC-TV18's Priyanka Ghosh, quoting sources, reports that Neptune Developers is planning to exit from its partnership with Piramal Realty to retire debt.