Piramal Realty, the real estate development arm of the Piramal Group, will develop 2.2 million sq.ft. of residential real estate in Mahim in a joint venture with Omkar Realtors, the company announced on Thursday.
Omkar Realtors, which is mostly into slum redevelopment, has acquired several land parcels in this region and Piramal Realty will develop one such area.
The company will invest ₹3,000 crore over the next few years to develop this project. “The development benefits from being in close proximity to Mumbai’s premier business district of Bandra Kurla Complex. This will be the largest residential development in the Mahim/BKC area,” the company said in a statement.
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The project is Piramal Realty’s second Joint Development Agreement with Omkar for a residential project, the first being at Mahalaxmi. Anand Piramal, founder, Piramal Realty, said, “This prime parcel is not only a few minutes from the sea link but also enjoys beautiful views of the sea, mangroves and other open spaces.”