Piramal Realty of the business conglomerate Piramal Group has announced its plans to invest ₹3500 crores in the next two years on four housing projects. The real estate company, founded in 2012, is one of the leading names in the Indian real estate industry, with 15 million square feet of residential and commercial projects currently under development in the Mumbai Metropolitan Region (MMR).
The ₹3500 crore budget is allotted to a 6 million square feet area with a target to deliver 5,000 apartments in two years to real estate customers, as per the announcement made by the company’s CEO, Gaurav Sawhney.
The CEO’s word
Talking about the Piramal Builders’ stellar reputation thanks to the development of its luxury projects like Piramal Mahalaxmi, Piramal Vaikunth, Piramal Revanta, and Piramal Aranya, Sawhney emphasized how the company “holds a decent position in MMR” and how several home buyers and real estate investors are “continuing to invest in the brand and have bought into the promise very well”.
Sawhney further said that Piramal Real Estate plans to develop 13 million square feet in four residential projects in Thane, Mulund, Mahalaxmi, and Byculla in MMR. The construction will be carried out in phases across the four projects, and the company will develop an estimated 12,000 luxurious and spacious apartments. Sawhney also revealed that the company has already launched 8 to 8.5 million square feet. The next 4 to 5 million square feet will be completed over the next two years for all four projects.
The essence of Piramal Realty
Piramal Realty, which is involved in the development of residential, commercial, and retail properties in India, is steadfast in focusing on the quick delivery of luxurious, spacious, and sustainable homes. The company has also started handing over approximately 1,000 apartments covering about 1 million square feet to customers.
Sawhney explained, “We are scheduled to deliver another 60,00,000 (6 million) square feet, and we will be making an investment of more than ₹3,500 crores in construction.” This gives the companies a target of 4,500 to 5000 apartments to be delivered in the coming two years. Sawhney shared that Piramal Real Estate has received average sales bookings of ₹2,000 crores per annum over the last five years. Additionally, the company plans to add more land banks for future development and is considering partnerships with landowners for joint development.
The current scenario
Piramal Realty has established a reliable reputation for creating sustainable and liveable spaces. Catering to the premium luxury segment, the company has many happy and satisfied customers so far and is known for using innovative and modern design and construction techniques in its projects. Furthermore, the residences at all Piramal Realty projects incorporate the finest amenities and features that enhance the experience of luxury living for all their residents.
Piramal Realty is also known for its commitment to creating communities and spaces that contribute to the overall development of the surrounding areas and for winning various awards and recognition for its projects over the years. Piramal Realty in Thane, Mulund, Mahalaxmi, and Byculla are likely to offer just as good, premium homes to suit the needs of the modern-day home buyer.
The face of real estate in India
The real estate sector took a toss in 2020 due COVID induced volatility, increasing home loan interest rates. Addressing the common concerns of the average real estate customer, Sawhney spoke about how the present-day buyer may consider mortgage rates while buying a home, along with the price of the property, disposable income, salary increments, as well as job security.
Sawhney also highlighted that the demand for quality housing is strong even in a rising interest rate environment in the country that has contributed to increased home loan costs. He further added, “We feel that post-COVID, there is a very strong sentiment of home buying, which gives us the confidence that will continue to drive the demand in the market.”
Sawhney mentioned that the demand for real estate might soon be better than in pre-COVID times. The sales growth rate is more than 50% to 60% over the previous year in MMR. He also shared that branded and corporate developers are growing in the country, bringing more transparency and dependability to the industry.
The consumer is likely to benefit from these changes and enjoy timely deliveries, further strengthening the real estate industry and customer confidence.
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