Piramal Realty

These residences, covering over 13,000 sq ft of carpet area, are located on the highest floors of a tower, offering uninterrupted views of the 225-acre Mahalaxmi Racecourse and the Arabian Sea

CLOSING BELL: The NSE Nifty shut shop at 18,015, up 208 points. Broader indices outperformed the benchmarks with gains of up to 3 per cent.

Piramal Realty is targeting about Rs 2,200 crore sales bookings this fiscal, up over 40 per cent year-on-year, on strong housing demand, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate development arm of business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial space under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company has achieved average annual sales bookings of around Rs 2,000 crore in the past five years as it witnessed robust demand for its residential properties across four projects that it has launched so far. Asked about the performance this fiscal, he said, "Our target is in the range of about Rs 2,200 crore. So as of now we look confident that we will cross the Rs 2,000 crore mark, given the demand is buoyant." Sales bookings were more than Rs 1,500 crore last financial year, he informed. Piramal Realty is ...

Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 million square feet area to customers, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company is developing 13 million square feet in phases across four residential projects in Mulund, Thane, Mahalaxmi and Byculla in the MMR. The company is developing around 12,000 apartments across these four projects. "We have launched around 8-8.5 million square feet so far in these four projects and the remaining 4-5 million square feet will be launched over the next two years," he said. Sawhney said the company is focusing on delivery and has started handing over the first set of 1,000 apartments t

India's real estate market is grappling with a lingering lockdown that's slowed construction and sharply crimped new sales in an already struggling market.

Under development management, a developer takes care of the design, construction, marketing, and sales of a project for a fee from the original landowner/developer

At present, the company's total debt including short-term and long-term facilities stand at Rs 1,630.65 crore and it owes Rs 999.74 crore to banks and financial institutions

The company has been making operating losses for the past three years, thereby struggling to pay interest charges

The rating downgrade factors in high refinancing risk given consolidated ongoing project debt repayments of Rs 663 cr from July 2019 to March 2020 and Rs 417 cr in FY21, as there is slowdown in sales

Piramal Fund Management said the fund was launched in 2013 with a primary tenure of six years, extendable by up to two additional one-year periods, by the trustee

It had planned to acquire brownfield and greenfield commercial properties and later sell them to other private equity funds

Many global investors such as Blackstone, Brookfield, GIC and CPPIB, among others, have put billions of dollars into commercial properties in this country

Nirmal has been doing joint ventures with bigger firms like Godrej Properties and L&T Realty