Realty sector slowdown: Rise and fall of Ashok Piramal's Peninsula Land

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

Peninsula Land, promoted by Ashok Piramal Group, had many firsts to its credit. It built Crossroads in South Mumbai, which was the country’s first mall. It developed Peninsula Corporate Park — one of the first mill lands in Mumbai to get converted into a corporate complex.

It also has real estate funds with Brookfield of Canada, thus, becoming one of the first companies to start a trend of real estate company co-investing with a global fund manager. But all these were in the good old days. The slowdown in the real estate sector has hit the company hard. It reported an