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Piramal Realty has entered into a development agreement with Omkar Realtors for a marquee project at Mahalaxmi in South Mumbai. The company will furnish a deposit of Rs 400 crore and will have a 60 per cent revenue share in this project.
With over 2 million square feet of development spread across 12 acres, this will be South Mumbai’s largest premium residential project. As per the agreement, Piramal Realty will lead the design, development, construction, sales & marketing. Piramal Realty intends to invest Rs 2,600 crore in this development.
“Reforms such as RERA, GST, and demonetisation are driving consolidation in the real estate industry. This is a great time for institutionalised players with a strong track record and robust balance sheet to grow and expand their footprint,” said Anand Piramal, Founder, Piramal Realty.
“Our association with Piramal Group dates back to 2010 with the Group funding many of our projects. The current transaction with Piramal Realty will strengthen our relationship and we are excited to partner with them to deliver an excellent value proposition for all our stakeholders,” Gaurav Gupta, Director, Omkar Group, said.
Piramal Realty has appointed CallisonRTKL, a global architecture, planning and design firm, to lead the design architecture for this project. CallisonRTKL is best known for its key projects that include Bahrain City Center in Manama, Chadstone Shopping Centre in Melbourne, Grand Gateway 66 in Shanghai, and Lenovo Campus HQ in Beijing.
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