Piramal Realty to invest Rs 1800 cr in Mumbai project

Piramal Realty to invest Rs 1800 cr in Mumbai projectPiramal group’s real estate firm Piramal Realty will invest Rs 1,800 crore to develop a new project in Mumbai. The 8-acre project, Piramal Revanta, is located at Mulund. “The ultra-modern towers, billed to be up to 60 storeys, will become the next referral point in Mumbai’s skyline. Sales for over 200 units of Piramal Revanta are open from March 11, 2017,” the company said in a statement. Piramal Realty has pegged its investment for this project at “approximately Rs 1,800 crore, including land, and project development & execution costs.” The company has awarded the construction for the project to Eversendai, a leading global organisation in undertaking turnkey contracts, delivering high-rise buildings, and infrastructure across the Asian and Middle Eastern regions. Eversendai is best known for its work on Dubai’s Burj Khalifa, Malaysia’s Petronas Towers, and Qatar’s Olympic stadium. Piramal Realty has procured the Commencement Certificate (CC) for this project and excavation of the site is complete. Global investment firms Goldman Sachs and Warburg Pincus have recently invested about USD 434 million in the company at the entity-level. Piramal Group is one of India’s leading conglomerates with interests in pharmaceuticals, financial services, information management, glass packaging and real estate.

Source:http://www.moneycontrol.com/news/business/piramal-realty-to-invest-rs-1800-crmumbai-project_8609741.html

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