Piramal Realty, the real estate arm of Ajay Piramal-led Piramal Group, said on Tuesday (03rd October) that it has acquired a premium 13008 sq.mts. (3.2 acres) the land parcel in Mulund, Mumbai from rival Nirmal Lifestyles for an amount of Rs 153 crore. This land parcel is located, adjacent to Piramal Revanta – an existing residential project in the central suburb of Mumbai. So it can extend the upcoming project–Piramal Ravanta– further using the additional land.
Piramal Realty has pegged its investment for Piramal Revanta at approximately Rs 1,800 crore. The company has awarded the construction contract for the project to Eversendai, a leading global organization in undertaking turnkey contracts, delivering high-rise buildings, and infrastructure across the Asian and Middle Eastern regions. Eversendai is best known for their work on Dubai’s Burj Khalifa, Malaysia’s Petronas Towers, and Qatar’s Olympic stadium. Piramal Realty has procured the Commencement Certificate (CC) for Piramal Revanta and plinth-level construction is nearing completion.
“This strategic land acquisition will now significantly benefit existing and potential customers with a direct access to the development from LBS Marg – the main access road, and a larger layout with more open spaces, additional amenities and reduced density,” said Anand Piramal, Executive Director, Piramal Group.
“We continue to explore opportunities that ultimately help us contribute to customer delight,” he added.
Building on Piramal Realty’s commitment to promoting cross-cultural collaboration, Piramal Revanta is the brainchild of the foremost players in the international real estate industry. Kohn Pedersen Fox (KPF) Associates of London, the UK, credit for their work on the Shanghai World Financial Centre, One Vanderbilt in New York, and The Royal Atlantis in Dubai, will serve as the project’s Design Architects. Wilson Associates from Los Angeles, USA, have been appointed as the Interior Designers for Piramal Revanta, the company said on Tuesday.
Piramal Realty had recently received investments from international private equity companies such as Goldman Sachs and Warburg Pincus worth $434 million in total. It was also the largest private equity commitment to Indian real estate so far. While, Nirmal Lifestyle, promoted by Nirmal Jain, has been a leading realty developer in Mulund and neighbouring central suburbs in Mumbai.
Piramal Group is currently one of India’s conglomerates with interests in pharmaceuticals, financial services, information management, glass packaging and real estate. The group with a total market value of about $9.5 billion, also has it’s not for profit initiatives in healthcare, water and education across 21 states of India under philanthropic arm Piramal Foundation.