October 03, 2017

 

MUMBAI: Piramal Realty, real estate arm of the Piramal Group, is buying a 3.2-acre land parcel in Mulund suburb of Mumbai from Nirmal Lifestyles for Rs 153 crores. This plot is located adjacent to Piramal Realty’s existing residential project in Mulund.

“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. We continue to explore opportunities that ultimately help us contribute to customer delight,” said Anand Piramal, Executive Director, Piramal Group.

Source : freepik.com

Piramal Realty has pegged its investment for the existing project Piramal Revanta at around Rs 1,800 crores.

Last month, Nirmal also entered into a partnership with Godrej Properties, the real estate development arm of the Godrej Group, to build a residential project on a 14-acre land parcel in Thane. This pact was facilitated through realty developer Nirmal’s strategic arm Nirmal Ventures. The newly launched vertical of debt-stressed Nirmal is looking to enter into more such partnerships.

As part of this initiative, Nirmal Ventures had undertaken a joint development with L&T Realty to build an integrated residential development in Mulund earlier. Through these two associations, Nirmal has raised over Rs 1,000 crore.

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Source: realty.economictimes.indiatimes.com