Piramal Group's realty development arm Piramal Realty today said it has entered into a development agreement with Omkar Realtors for the latter's residential project in Mahalaxmi in south Mumbai.
As a part of the agreement, Piramal will furnish a deposit of Rs 400 crore and will have a 60 per cent revenue share in this project, involving 2 million sq ft of development spread across 12 acres, the company said in a statement issued here.
Piramal Realty, which will lead the design, development, construction, sales and marketing, also plans to invest Rs 2,600 crore in this development, it said.
The development is part of the Dhobi Ghat redevelopment project undertaken by Omkar where the slum rehabilitation part will be executed by the company while the development of the salelable component will be done by Piramal. "Reforms such as RERA, GST, demonetisation 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," Piramal Realty Founder Anand Piramal said.
Commenting on the development, Omkar Group Director Gaurav Gupta said, "the current transaction with Piramal Realty will strengthen our relationship."
Piramal Realty has appointed CallisonRTKL, a global architecture, planning and design firm, to lead the design architecture for this project.
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