Omkar, Piramal joining hands to develop Mahim property

City-based realty players Omkar Realtors and Anand Piramal led Piramal Realty are close to extend their existing partnerships to a new project in Mahim.

The companies are inadvanced stages of discussions to jointly develop a 5-acre prime sea-facing property in Mahim, sources said, adding if it goes through, this willbe the second joint venture agreement between the two afterthe iconic Dhobi Ghat redevelopment project at Mahalaxmi spread across 12 acre.

Earlier Omkar had also entered into a joint development agreement with L&T Realty for a17-acre, redevelopment project in the Parel area, called Crescent Bay, andwith Godrej Properties to develop a4.25 acre property in the tony Bandra Westarea.

"The project is being undertaken under the slum rehabilitation scheme and Omkar and Piramal will jointly develop the property," one of the sources told PTI.

While Omkar could not be reached for comments, Piramal Realty spokesperson said, "We are looking at multiple opportunities within the western corridor."