Piramal Realty Limited to launch five residential projects in Mumbai at an estimated investment of about Rs 1500 crore. The company will develop about 30 million sq. ft through land acquisitions funded from its own sources, without any borrowing, managing director Khushru Jijina said.
The developer is evaluating 20 projects across Mumbai, Pune and Nashik. Land procurement is at an advanced stage for five large residential projects in Mumbai that are expected to be launched in the next year or so, Jijina said.
We are looking at various segments for development, which include premium residences, premium office spaces, second homes, and low-cost housing as well as the redevelopment space in Mumbai,” he said.
Part of the Rs 17,000 crore that was raised through the sale of Piramal Healthcare Ltd’s branded generics business to Abbott Laboratories would be used to create new businesses, including property development, Piramal Group chairman Ajay Piramal had said in an interview last year.
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