Piramal Realty Ltd plans 5 residential projects in Mumbai

Piramal Realty Ltd which is the brand new venture of Ajay Piramal, the chairman of Piramal Group is all set to develop five residential projects in Mumbai. The total investment for these projects have been estimated at about Rs 1500 crore. Mr. Khushru Jijina, the MD of the company said that about 30 million sq. ft of area will be developed by the company through land acquisitions. The funds he said will be sourced from the company’s own sources and therefore there will be no borrowing. Regarding the segments that would be covered by these projects Mr. Jijina said that various segments like premium residences, premium office spaces, second homes, low-cost housing and redevelopment of existing space are being considered.

A total of 20 projects are being evaluated which are located in Mumbai, Pune and Nashik. However Mr. Jijina said that land procurement for five large residential projects in Mumbai has reached an advanced stage and the projects are likely to be launched in 2012. According to property consultants the financial strength behind these projects is the biggest asset and that will give a strong start-up. Last year when Ajay Piramal was giving an interview he had said that about Rs. 17,000 crore was realized from the sale of Piramal Healthcare Ltd’s branded generics business to Abbott Laboratories. He said that this amount would be used to create new businesses and that includes real estate development.