Piramal Realty

Piramal Realty

Company type	Private
Industry	Real estate, Construction
Founded	2012;13 years ago (2012) in Mumbai, India
Founder	Anand Piramal (Executive Director)
Headquarters	Mumbai , India
Key people	Abhijeet Maheshwari (CEO)
Services	Development of luxury commercial and residential properties
Parent	Piramal Group
Website	Official website

Piramal Realty is an Indian real estate company, founded in 2012 and headquartered in Mumbai, India. ^[1] It is a part of the Piramal Group. The company focuses on the development of residential and commercial properties, with projects under development covering an estimated 15 million square feet. Among its notable projects include Piramal Aranya, Piramal Mahalaxmi, Piramal Revanta, Piramal Vaikunth and Piramal Agastya. ^{[2] [1]}

History

The company was founded in 2012 as a real estate arm of Piramal Group led by Ajay Piramal. ^{[2] [3]}

In July 2015, Piramal Realty raised $234 million from private equity firms Warburg Pincus and Goldman Sachs, making it one of the largest investment in India's real estate sector. ^{[4] [5] [1]}

The company has acquired multiple land parcels for development in Mumbai. In April 2012, it acquired a sea-facing property from Hindustan Unilever Limited in Worli, Mumbai, for ₹452 crore. ^{[6] [7]} In June 2011, Piramal Realty acquired a 7-acre plot in Byculla from Mafatlal Industries for ₹605.80 crores, ^[8] however, Business Today reports it to be ₹753 crores. ^[1] It purchased 3.2 acres of land parcel in Mulund from rival Nirmal Lifestyles for ₹153 crores in 2017. ^[9]

Awards and recognition

Year	Award(s)	Project	Awarding organisation	Result	Notes
2017	Hurun Real Estate Unicorn of the Year		Hurun	Won	[10]
2017	Mercer NDTV Employer Excellence Awards		NDTV , Mercer	Won	[11]
2018	HT Mumbai Real Estate Awards	Ultimate Residential Project South Mumbai	Hindustan Times	Won	[12]

References

1. Jayakumar, PB (13 August 2017). "Piramal's big bet". Business Today.
2. Panchal, Salil (6 April 2018). "Land of plenty: The Piramals' three-pronged realty strategy". Forbes India .
3. Jaykumar, PB (7 May 2018). "From chasing dreams to 'realty', the scion's journey as a businessman". Business Today.
4. Rai, Saritha (22 July 2015). "Warburg Pincus Invests In Piramal Realty, Biggest Deal In India's Real Estate Sector". Forbes .
5. Menon, Bindu D (17 August 2015). "Goldman Sachs picks stake in Piramal Realty for ₹900 crore". The Hindu Business Line .
6. "Piramal Realty buys HUL's sea-facing property in Mumbai 'Gulita' for Rs 452.5 cr". Business Today. 5 April 2012.
7. "HUL sells leasehold rights of Mumbai property". The Hindu . 4 April 2012.
8. Babar, Kailash (18 June 2011). "Mafatlal Industries sells 7-acre Mumbai land to Piramal Realty for Rs 605 crore". The Economic Times .
9. Unnikrishnan, C H (30 October 2017). "Piramal Realty Buys Nirmal Lifestyle Land For Rs 153 Crore In Mulund". Business World.
10. "Anand Piramal Conferred with Hurun Real Estate Unicorn of the Year 2017". Construction and Architecture. 9 February 2018.
11. "Excellence in Work-Life Balance". NDTV. 2017.
12. "Piramal Aranya awarded Ultimate Residential Project - South Mumbai 2018". Zricks.com. 30 October 2018.