Plans to develop high end premium luxury project with a sea view on Palm Beach Road, Navi Mumbai
Piramal Sunteck Realty Pvt. Limited (PSRPL), a joint venture between Ajay Piramal Group and Sunteck Realty Ltd, today won a tender bid by CIDCO (City and Industrial Development Corporation of Maharashtra Ltd.) for a 8,230 square meter plot in Airoli on Palm Beach Road. Piramal Sunteck emerged as the winning bidder at the bid process by offering Rs. 91,116.99 per square meter with the second highest bid quoting Rs. 88,900 per square meter.
Piramal Sunteck Realty Pvt Ltd has over 20 million square feet under development with premium residential and commercial assets across city centric locations in Mumbai, Nagpur and Jaipur. The company was set up in 2007 between Ajay Piramal Group, a leading Indian conglomerate with operations spanning pharmaceutical, healthcare and glass; and Sunteck Realty Ltd, one of Mumbai’s premium real estate developer led by Kamal Khetan.
Commenting on the acquisition, Mr. Khushru Jijina, Executive Director, PSRPL said, "This property offers us the opportunity to delight our customers in Airoli once more. A strategic location, iconic design, world class features backed by the high quality Piramal Sunteck execution will ensure that we build another landmark"
Mr. Kamal Khetan, Managing Director, PSRPL, added “Our strategy has always been to acquire prime property across Mumbai. PSRPL has believed in the Navi Mumbai story and already has Signia Oceans, which has been well received by the market. We are happy to have acquired our second plot in Airoli, and believe that we now have the unique opportunity to develop one more value added product and create significant value for our stakeholders.”
About the Partners in PSRPL:
Piramal Group: Is a leading Indian conglomerate, spearheaded by India’s dynamic visionaries, Mr. Ajay Piramal, with business interests spanning a broad spectrum of industries and formats (healthcare, original drug discovery, glass manufacturing and real estate).
Sunteck Realty Ltd is a leading real estate developer, with a Mumbai focus. It has over 30 million square feet of city centric developments across 27 projects. Of these developments, more than 80% are premium luxury residential with balance being commercial spaces. Nearly 80% of Sunteck’s economic value emanates from its Mumbai projects. Sunteck Realty is ranked 7th on the Bombay Stock Exchange Realty Index and is also listed on the National Stock Exchange with a market cap of approx. USD 1 billion.
