Piramal Realty is planning to make an investment of Rs 3,500 crore towards developing residential projects in the Mumbai Metropolitan Region (MMR).
The investment will be made over the next three years with significant focus on mid-market segment.
The company is foraying into mid-market compact housing segment with a five acre development as part of its larger 32 acre township project Piramal Vaikunth in Thane, Maharashtra.
Of the total planned investment of Rs 3,500 crore, the company will be investing Rs 1,500 crore to develop two million sq ft on this five acre plot.
The company is planning to launch three more projects by July 2020, including projects at Mahim, Thane and a new tower at its Byculla development.
South Mumbai projects including Mahalaxmi and Byculla continue to contribute 50 per cent of the company’s portfolio.
The company will continue exploring new land parcels in the Mumbai Metropolitan Region (MMR) for residential and commercial developments.