Piramal Realty signs pact with Omkar Realtors

Piramal Realty Limited has signed a ‘Development Agreement’ with Omkar Realtors to develop 2 million square feet spread over 12 acres in south Mumbai. The former will invest Rs 2,600 crore in this residential project.

As per the terms of the agreement, Piramal Realty will get 60% of revenue share from the project at Mahalaxmi, next to the iconic race course in south Mumbai.

Piramal Realty will furnish a deposit of Rs 400 crores and will lead design, development, construction, sales and marketing. It will also invest Rs 2,600 crore into the project.

On the announcement, Anand Piramal, Founder, Piramal Realty said: “Reforms such as RERA, GST, demonetization are driving consolidation in the real estate industry. This is a great time for institutionalised players with strong track record and robust balance sheet to grow and expand their footprint. We intend to build a
world-class development that sets a new benchmark for design, quality and customer centricity in Mumbai.”

Gaurav Gupta, Director, Omkar Group said, “Our association with Piramal Group dates back to 2010 with the Group funding many of our projects. The current transaction with Piramal Realty will strengthen our relationship and we are excited to partner with them to deliver an excellent value proposition for all our takeholders.”