Warbug Pincus and Goldman Sachs-backed Piramal Realty, the real estate development arm of the Ajay Piramal-led Piramal Group, has pre-launched its first real estate project, in Thane, a far off suburb situated to the north-east side of the Mumbai Metropolitan Region (MMR).
The project named ‘Piramal Vaikunth’ will be spread over 32 acres, and offer 2 to 3 bedroom apartments and duplexes.
The development will be across 14 towers. However, in the first phase, the company will launch 200-300 residential units spread over three towers.
Anand Piramal, executive director, Piramal Group, said “basic approvals” for the project are in place and the
company is offering a special price for limited stock. It is charging a per-square-feet price of Rs 8,080 for standard
units and Rs 8,640 for premium units.
In addition, the company has also launched Piramal Assurance scheme in the project, under which a customer can return the purchased unit to Piramal Realty at 95% of the market value any time until possession.
Piramal said the project will be officially launched in a few months, and is expected to be complete in 3-3.5 years from the launch.