Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 million square feet area to customers, its CEO Gaurav Sawhney said.
Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial development in the Mumbai Metropolitan Region (MMR).
The company is developing 13 million square feet in phases across four residential projects in Mulund, Thane, Mahalaxmi and Byculla in the MMR. It is developing around 12,000 apartments across these four projects. “We have launched around 8-8.5 million square feet so far in these four projects and the remaining 4-5 million square feet will be launched over the next two years,” Sawhney said.
The company is focusing on delivery and has started handing over the first set of 1,000 apartments to its customers totalling about 1 million square feet.
Sawhney highlighted that the company has established itself in the premium luxury side of the market, with a lot of emphasis on green initiatives, better use of space inside as well as outside the apartments and community living.
“I can say at least in MMR we hold a decent position overall, now that people are continuing to invest in the brand and have bought into the promise very well,” he observed.
In the next two years, he said, “We are scheduled to deliver another 60,00,000 (6 million) square feet and we will be making an investment of more than Rs 3,500 crores in construction.” In this 6 million square feet area, about 4,500-5000 apartments will get delivered.
