Piramal Realty to acquire land parcel for Rs 153 crores, from Nirmal Lifestyles Limited


Piramal Realty has announced that it will acquire a 3.2-acre land parcel in Mumbai, from Nirmal Lifestyles Limited that is adjacent to its existing Piramal Revanta project. It has proposed to invest up to Rs 1,800 crores in this new project

Piramal Realty, the real estate arm of the Piramal Group, on October 3, 2017, announced that it will acquire a 3.2-acre (13,008 sq metres) land parcel in Mulund, Mumbai, for an amount of Rs 153 crores from Nirmal Lifestyles Limited. This land parcel is located adjacent to Piramal Revanta – Piramal’s existing residential project in Mulund, now spread across approximately 12 acres.

Speaking about the acquisition, Anand Piramal, executive director of the Piramal Group, said: “This strategic land acquisition will significantly benefit existing and potential customers, with direct access to the developments on LBS Marg, the main access road and a larger layout with more open spaces, additional amenities and reduced density.”

See also: Piramal Finance forays into housing finance segment

Piramal Realty has pegged its investment for Piramal Revanta at approximately Rs 1,800 crores. The company has awarded the construction contract for the project to Eversendai, a leading global organisation that is best known for their work on Dubai’s Burj Khalifa, Malaysia’s Petronas Towers and Qatar’s Olympic stadium. Piramal Realty has procured the Commencement Certificate (CC) for Piramal Revanta and plinth-level construction is nearing completion.

Kohn Pedersen Fox (KPF) Associates of London, UK, credited for their work on the Shanghai World Financial Centre, One Vanderbilt in New York and The Royal Atlantis in Dubai, will serve as Piramal Revanta’s design architects. Wilson Associates from Los Angeles, USA, have been appointed as the interior designers for the project.

 

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