Piramal Realty, founded in 2012, is the real estate division of the Piramal Group. It is one of the largest developers in the Mumbai Metropolitan Region, with 15 million square feet of residential and commercial space under construction (MMR).
Piramal Realty, founded in 2012, is the Real estate division of the Piramal Group. It is one of the largest developers in the Mumbai Metropolitan Region, with 15 million square feet of residential and commercial space under construction (MMR).
Sawhney told PTI that the business is constructing 13 million square feet in four residential projects in Mulund, Thane, Mahalaxmi, and Byculla in the MMR in stages.
Across these four projects, the business is building around 12,000 flats.
“We have launched around 8-8.5 million square feet so far in these four projects and the remaining 4-5 million square feet will be launched over the next two years,” he added, adding that the remaining 4-5 million square feet would be launched over the next two years.
Sawhney stated that the firm is concentrating on delivery and has begun turning over the first 1,000 residences totaling around 1 million square feet to its clients.
“We are scheduled to deliver another 60,00,000 (6 million) square feet and we will be making an investment of more than Rs 3,500 crores in construction,” he added. Approximately 4,500-5000 flats will be delivered in this 6 million square foot area.
Sawhney emphasized that the firm has established itself in the premium luxury segment of the market, with a focus on green initiatives, better use of space inside and outside the apartments, and communal living.
“I can say at least in MMR we hold a decent position overall, now that people are continuing to invest in the brand and have bought into the promise very well,” he noted.
Sawhney stated that despite rising interest rates on house loans, housing demand remained high.
He stated that the mortgage rate is not the sole consideration for customers when purchasing real estate. Other determinants include property prices, discretionary money, employment stability, and pay increases.
“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,” he added.
Sawhney stated that the business had averaged sales bookings of Rs 2,000 crore each year over the previous five years.
He stated that the corporation is trying to add more land banks for future development in order to expand its business. It is looking for collaborative development agreements with landowners.
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