Piramal Realty announces Development Agreement with Omkar Realtors
Piramal Realty, the real estate development arm of Piramal Group, today announced that it has entered into a Development Agreement (DA) with Omkar Realtors for a marquee project in Mahalaxmi. PRL will furnish a deposit of INR 400 crores and will have a 60% revenue share in this project. With over 2 million square feet of development spread across 12 acres, this will be South Mumbai’s largest premium residential project, the company said in a statement.
As per the agreement, Piramal Realty will lead design, development, construction, sales & marketing. Piramal Realty intends to invest INR 2600 crores in this development.
Anand Piramal, Founder, Piramal Realty, said, “Reforms such as RERA, GST, demonetization are driving consolidation in the real estate industry. This is a great time for institutionalized players with strong track record and robust balance sheet to grow and expand their footprint. With unrestricted views of the Race Course and the Sea, this promises to be Mumbai’s most prestigious residential project. We intend to build a world-class development that sets a new benchmark for design, quality and customer centricity in Mumbai.”
Piramal Realty has appointed CallisonRTKL, a global architecture, planning and design firm, to lead the design architecture for this project.
Gaurav Gupta, Director, Omkar Group, said, “Our association with Piramal Group dates back to 2010 with the Group funding many of our projects. The current transaction with Piramal Realty will strengthen our relationship and we are excited to partner with them to deliver an excellent value proposition for all our stakeholders.”