Piramal Realty, the real estate development arm of Piramal Group, has entered into a development agreement with Omkar Realtors for developing a luxury housing project at Mahalaxmi, Mumbai.
Under the agreement, Piramal Realty would lead the design, development, construction, sales and marketing functions for the project which would comprise high-rise towers facing the Mahalaxmi Race Course and the Arabian Sea. Piramal Realty would invest ₹2,600 crore.
“We intend to build a world-class project that sets a new benchmark for design, quality and customer-centricity in Mumbai,” said Anand Piramal, founder, Piramal Realty.
“Reforms such as RERA, GST, demonetisation are driving consolidation in the real estate industry. This is a great time for institutionalised players with strong track record and robust balance sheet to grow and expand their footprint,” he said.
Revenue share
Piramal Realty would furnish a deposit of ₹400 crore and get 60% revenue share in the project.
With more than two million square feet in development, the project is spread more than 12 acre.
The land is part of a slum redevelopment project, one of the biggest in south Mumbai. Omkar would build the slum redevelopment portion of the project while Piramal would take care of the free sale part.
Piramal Realty has appointed CallisonRTKL, a global architecture, planning and design firm, to lead the design architecture for the project.
