Piramal Realty forms JV with Omkar Realtors for project in Mumbai, to invest Rs 3,000 cr

New Delhi, Dec 12 () Piramal Realty on Thursday said it has formed a joint venture with Omkar Realtors to develop a project in Mumbai and will invest Rs 3,000 crore over the next few years.

Piramal Realty, the real estate development arm of diversified conglomerate Piramal group, announced its second joint development agreement (JDA) with Omkar for a residential project in Mahim this week.

The company intends to develop 2.2 million sq ft over 4 acres and plans to invest Rs 3,000 crore over the next few years.

The development benefits from being in close proximity to Mumbai's premiere business district of Bandra Kurla Complex (BKC). This would be the largest residential development in the Mahim/BKC area.

"At Piramal Realty, we are excited to develop this prime parcel which is not only a few minutes from the sea link but also enjoys beautiful views of the sea, mangroves and other open spaces. With the opening of several world class malls, restaurants, hotels, schools and theatres, BKC will this year become the social and cultural nerve centre of the city," said Anand Piramal, founder, Piramal Realty.

The company achieved a total sales booking worth Rs 3,400 crore last fiscal.

Founded in 2012, Piramal Realty is one of the country's leading developers with 17 million sq ft of residential and commercial under development in and around Mumbai.

In 2015, Warburg Pincus and Goldman Sachs invested USD 235 dollars for a minority stake in the company. MJH HRS