Piramal Realty to invest ₹3,000 crore to develop new Mahim project

Piramal Realty, the real estate development arm of the Piramal Group, on Thursday, announced its second Joint Development Agreement with Omkar for a residential project in Mahim this week.

Piramal Realty intends to develop 2.2 million square feet over 4 acres and plans to invest ₹3,000 crore over the next few years, the company said in a statement. This would be the largest residential development in the Mahim/BKC area

Anand Piramal, Founder, Piramal Realty, said: “At Piramal Realty, we are excited to develop this prime parcel which is not only a few minutes from the sea link but also enjoys beautiful views of the sea, mangroves and other open spaces. With the opening of several world-class malls, restaurants, hotels, schools and theatres, BKC will this year become the social and cultural nerve centre of the city.”

While this is a tough time for real estate markets, it presents great value for customers, and exciting opportunities for developers with strong track records, trusted brand names and robust balance sheets to consolidate. During the last financial year, Piramal Realty clocked ₹3,400 crore in sales.