Piramal Realty Signs 12 acre Joint Venture Deal in Mahalaxmi, Mumbai with Omkar Realtors

Piramal Realty Signs 12 acre Joint Venture Deal in Mahalaxmi, Mumbai with Omkar Realtors


7 year(s) ago

Piramal Realty and Omkar Realtors Join Forces for Massive Residential Project in Mumbai’s Mahalaxmi. Piramal Realty, the real estate arm of Piramal Group, has announced a collaboration with Omkar Realtors to develop a high-end residential project in Mahalaxmi, South Mumbai. This project will be the largest of its kind in the area. Piramal Realty Signs 12 acre Joint Venture Deal in Mahalaxmi, Mumbai with Omkar Realtors

Key Points:

  • Project Size: Over 2 million sq ft of development spread across 12 acres
  • Investment: INR 2600 crores by Piramal Realty
  • Revenue Sharing: 60% for Piramal Realty
  • Project Lead: Piramal Realty will lead design, development, construction, sales & marketing
  • Unique Selling Proposition: Unmatched views of the Mahalaxmi Racecourse and the Arabian Sea

Benefits of the Partnership:

  • Financial Strength: Piramal Realty’s investment and strong balance sheet ensure project completion and potentially higher value for buyers.
  • Expertise & Reputation: Piramal Realty’s proven track record and design expertise, along with CallisonRTKL’s architectural experience, promise a world-class development.
  • Landowner Benefit: Omkar Realtors monetizes their land holding through this collaboration.

Industry Context:

  • The Indian real estate market is undergoing consolidation, with larger players like Piramal Realty benefiting from their financial strength.
  • This project highlights the growing trend of redevelopment projects in Mumbai, aiming to create modern spaces while preserving heritage structures like the Dhobi Ghat.

Statements from Key Players:

  • Anand Piramal, Founder, Piramal Realty: Views the current market conditions as favorable for established players and emphasizes their commitment to setting new benchmarks in design and customer centricity.
  • Gaurav Gupta, Director, Omkar Group: Expresses enthusiasm about strengthening the long-standing partnership with Piramal Realty and delivering exceptional value to stakeholders.

Project Timeline:

While the article doesn’t mention a specific timeline, the collaboration’s announcement suggests the project is in its initial stages.

Overall Significance:

This large-scale project signifies Piramal Realty’s growing presence in Mumbai’s premium residential market. The collaboration leverages the strengths of both parties and reflects the evolving landscape of the Indian real estate industry.


Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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