Piramal Group Enters the Real Estate Market
Piramal Enterprises, part of the Ajay Piramal Group, is planning to develop properties in Mumbai's central and northern regions. The company has set up a joint venture (JV) with Sunteck Realty, Mumbai-based real estate developers. The move comes close on the heels of Ashok Piramal Group-formed after a formal family settlement with the Ajay Piramal group-- to develop areas near Lower Parel in Central Mumbai as an IT park. The new projects would be both commercial as well as ultra-luxury residential. Mumbai's central areas, in and around Grant Road, Parel and Tardeo are in for major development, according to recent reports. The JV, called Piramal Sunteck Realty Pvt. Ltd. will focus on realty projects in locations in metros and select tier-II cities across the country, according to a release from the company. The names of the cities were not specified. The JV will have a corpus of Rs 1000 crore. The first project would a commercial-***-Information Technology (IT) park of over ten lakh square feet at Sion, Mumbai, near Dharavi in North Central Mumbai. In addition to ultra luxury residential projects, Piramal Sunteck Realty Pvt. Ltd. will develop commercial projects, mixed-use townships and Special Economic Zones (SEZ).