Piramal Sunteck wins Airoli plot tender bid for Rs 75 cr

Piramal Sunteck Realty Pvt Ltd (PSRPL) today won the bid for a 8,230 square meters plot in Airoli in Navi Mumbai for Rs 75 crore from the city development corporation.

PSPRL is a joint venture between the Ajay Piramal Group and Suntech Realty Ltd. According to a press release, Piramal Sunteck Realty, which emerged as the winner in the bid organised by City and Industrial Development Corporation of Maharashtra (CIDCO) offered Rs 91,116.99 psqm for Airoli on Palm Beach Road, with the second-highest bid quoting at Rs 88,900 psqm.

Piramal Sunteck has over 20 million square feet under development with premium residential and commercial assets across city-centric locations in Mumbai, Nagpur and Jaipur.

The company was set up in 2007 between the Ajay Piramal Group, a leading Indian conglomerate with operations spanning pharmaceutical, healthcare and glass, and Sunteck Realty, one of Mumbai's premium real estate developer led by Kamal Khetan.

PSRPL's Managing Director Kamal Khetan said, " We are happy to have acquired our second plot in Airoli, and believe that we now have the unique opportunity to develop one more value added product and create significant value for our stakeholders."