MUMBAI: Piramal Realty today launched a mixed-use development project in sub-urban Thane as the company said it will continue to focus on the metropolis and adjoining areas where it sees vast scope for growth.
Designed by Chicago-based architectural firm HOK, the project, Piramal Vaikunth, is spread across 32 acres, and will house 14 towers having 2/3 BHK apartments, duplexes and townhouses.
It will have a community centre, an ISKCON temple and a spiritual learning centre, among other amenities, said the real estate development arm of Piramal Group.
“We want to create spaces that will improve the quality of life of our customers through outstanding design and highest levels of project execution,” Piramal Group Executive Director Anand Piramal told reporters here.
He said the first phase of the project would consist of 200 to 300 residential units.
“We have kept a pre-launch offer between September 15 and 27 to select exclusive 2/3 bedroom residences starting at a special price of over Rs 74 lakh. This is applicable for the first 75 units and the per sq ft cost will be around Rs 8,080 for standard units and Rs 8,640 for premium ones,” he added.
In last two months, Piramal Realty has raised nearly Rs 2,700 crore from two global private equity firms — Warburg Pincus (Rs 1,800 crore) and Goldman Sachs (Rs 900 crore) — for minority stake.
The company will utilise these funds for expanding real estate portfolio and acquiring prime properties in and around Mumbai.
“Our focus will continue to remain the Mumbai Metropolitan Region (which includes parts of adjoining districts), where we see huge scope for growth, given the inadequate supply of affordable housing,” he said.
Piramal Realty has over 10 million sq ft of commercial and residential projects under development in prime areas of the financial capital.