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Piramal Realty aims to double its portfolio over next 2 years

Infra News - Published on Fri, 17 May 2019

Image Source: Moneycontrol
ET reported that Piramal Realty, the real estate development arm of Piramal Group, is looking to double its portfolio of under-construction projects to nearly 30 million square feet over the next two years through a combination of outright land buys and alliances, said a top executive of the company. Anand Piramal, executive director of the group, told ET “The real estate sector is going through a rough patch but this is also a good time for those who can attract capital as we can see good opportunities around. Developers with expertise, credibility, financial muscle have done well and will continue to do so.”

More than land owners, realty developers are looking to monetise their projects and these are with approvals, he said while highlighting the opportunities.

Piramal Realty, which counts Goldman Sachs and Warburg Pincus as its investors, is open to roping in more foreign investors to support its growth, going forward. Currently, the company has projects with total 15 million sq ft space under construction in Mumbai. Of this 20% is commercial, while the rest is residential development.

According to Piramal, the company has clocked sales of over ?3,400 crore in FY19 (April-March) and has emerged as the second and fifth-largest realty developer in Mumbai and India, respectively.

He said while highlighting the company’s growth plan, “We have aggressive growth plans for both residential and commercial segments. We would look at a growth rate of around 20% CAGR (compounded annual growth rate) for the next decade.”

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Posted By : Rabi Wangkhem on Fri, 17 May 2019
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