Piramal Realty has decided to spend about Rs 1,800 crore on its residential project Piramal Revanta in Mulund suburb of Mumbai. Out of the total investment, 25 per cent of the amount will be used to buy land and rest will be spent on construction and project execution.
Reportedly, this Piramal Group’s realty arm has started working on its four-years investment plan in 2016 where the company will spend a total of Rs 16,000 crore to execute several residential and commercial projects and buy land parcels. The recent investment in its Mumbai project is part of this plan.
Piramal Revanta residential project is spread over 8.4 acres of land and will be developed in two phases. The project has already received commencement certificate from the government and is planned to be completed in six years covering all phases’ work.
Commenced in 2012, The company has total 12 million sq. ft. project and is ready to buy more land parcels in the next few months as landowners’ expectations have softened due to demonetization.
“We are on track to achieve our sales target of Rs 1,250 crore for the year 2016-17 (April-March), in spite of demonetization. Our belief is that the market has normalised now. Around 35% of its 2016-17 sales is derived from its commercial project in Kurla suburb of Mumbai. Mulund project will also add to the revenue,” Anand Piramal, Executive Director, Piramal Group.
Source: ET Realty