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Piramal launches luxury proj in Mumbai, to invest Rs 4,300-cr

Press Trust of India  |  Mumbai 

Piramal Realty today launched a luxury residential project 'Piramal Aranya' at Byculla in the megapolis and plans to invest Rs 4,300 crore for the same.

The company is expecting revenue of around Rs 8,000 crore over the next 4-5 years from the project, Piramal Group Executive Director Anand Piramal told PTI here.

Spread across seven acre, the company plans to develop a 70 storey tower with a construction area of 3.7 million sq ft. The prices of the apartments, 3BHK and 4BHK, range between Rs 8 crore and Rs 12 crore.

"In the past few years, we have seen an improvement in the market for luxury residential and people are ready to pay a premium for a good product. We will be investing around Rs 4,300 crore for the project, which will include cost of land, construction cost and cost incurred for approvals," he said.

He further said the work on the project is expected to commence in the next 1-2 months and is likely to be completed in 4-5 years.

"We expect to garner revenues of around Rs 8,000 crore over the next 4-5 years from the project," Piramal said.

When asked how the company plans to raise the funds, he said it will be a mix of debt and equity.

"It will be a mix of debt and equity. The equity portion will come from the promoters of Piramal Group including Goldman Sachs and Warburg Pincus who have invested around USD 434 million in the company, at the entity-level," he added.

The company has joined hands with international project partners like the US-based Make Architects, Hirsch Bedner from the UK for interior designing, BuroHappold for structure and MEP Design and EDSA as landscape architect.

Piramal further said the company has adopted Expression of Interest (EoI) strategy for the pre-launch of this project, which will allow customers to understand the product proposition and register for the pre-launch offer with a token amount of Rs 10 lakh.

First Published: Thu, March 03 2016. 16:57 IST