Piramal Realty
TypePrivate
IndustryReal estate, Construction
Founded2012 (2012) in Mumbai, India
FounderAnand Piramal
Headquarters
Mumbai
,
India
Key people
Gaurav Sawhney (CEO)
Anand Piramal (Executive Director)
ServicesDevelopment of luxury commercial and residential properties
RevenueDecrease ₹709 crore (US$89 million) (FY19)[1]
Decrease ₹−8 crore (US$−1.0 million) (FY19)[1]
ParentPiramal Group
WebsiteOfficial website

Piramal Realty is an Indian real estate company, founded in 2012 by Anand Piramal. It is a part of Piramal Group, headquartered in Mumbai, India.[2] The company is engaged in developing luxury residential and commercial properties and is currently developing projects estimated to cover 15 million square feet. Among its notable projects include Piramal Aranya, Piramal Mahalaxmi, Piramal Revanta, Piramal Vaikunth and Piramal Agastya.[3][2]

History

The company was founded in 2012 by Anand Piramal as a real estate arm of Piramal Group led by Ajay Piramal.[3][4]

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.[5][6][2]

The company has made several high-value land acquisitions in India. In April 2012, it acquired a sea-facing property from Hindustan Unilever Limited in Worli, Mumbai, for ₹452 crore.[7][8] In June 2011, Piramal Realty acquired a 7-acre plot in Byculla from Mafatlal Industries for ₹605.80 crores,[9] however, Business Today reports it to be ₹753 crores.[2] It purchased 3.2 acres of land parcel in Mulund from rival Nirmal Lifestyles for ₹153 crores in 2017.[10]

In January 2018, it formed a joint venture with Omkar Realty to develop a 12-acre luxury housing project at Mahalaxmi in South Mumbai, where Piramal Realty invested ₹2,600 crores.[3] The company made another JV with Omkar in 2019 to build a residential project in Mahim with a total investment of ₹3,000 crores.[11]

The company tied up with companies like Kohn Pedersen Fox, Fosters, Make, HOK and Callison to execute projects. It has partnered with structural consultants Buro Happold, security firm Max Security and vertical transportation company Lerch Bates.[2]

Piramal Realty signed actor Farhan Akhtar[12] and cricketer Rahul Dravid as its brand ambassadors for projects in the Mumbai Metropolitan Region in 2021.[13]

Awards and recognition

YearAward(s)ProjectAwarding organisationResultNotes
2017Hurun Real Estate Unicorn of the YearHurunWon[14]
2017Mercer NDTV Employer Excellence AwardsNDTV, MercerWon[15]
2018HT Mumbai Real Estate AwardsUltimate Residential Project
South Mumbai		Hindustan TimesWon[16]
2022Luxury Project of the Year AwardPiramal MahalaxmiRealty+ Conclave & Excellence AwardsWon[17]
2022Iconic Project of the Year AwardPiramal MahalaxmiThe Economic Times
ET Real Estate Conclave Awards		Won[18]

References

  1. 1 2 "Piramal Realty Private Limited: Rating withdrawn". ICRA. Retrieved 11 December 2022.
  2. 1 2 3 4 5 Jayakumar, PB (13 August 2017). "Piramal's big bet". Business Today.
  3. 1 2 3 Panchal, Salil (6 April 2018). "Land of plenty: The Piramals' three-pronged realty strategy". Forbes India.
  4. ↑ Jaykumar, PB (7 May 2018). "From chasing dreams to 'realty', the scion's journey as a businessman". Business Today.
  5. ↑ Rai, Saritha (22 July 2015). "Warburg Pincus Invests In Piramal Realty, Biggest Deal In India's Real Estate Sector". Forbes.
  6. ↑ Menon, Bindu D (17 August 2015). "Goldman Sachs picks stake in Piramal Realty for ₹900 crore". The Hindu Business Line.
  7. ↑ "Piramal Realty buys HUL's sea-facing property in Mumbai 'Gulita' for Rs 452.5 cr". Business Today. 5 April 2012.
  8. ↑ "HUL sells leasehold rights of Mumbai property". The Hindu. 4 April 2012.
  9. ↑ Babar, Kailash (18 June 2011). "Mafatlal Industries sells 7-acre Mumbai land to Piramal Realty for Rs 605 crore". The Economic Times.
  10. ↑ Unnikrishnan, C H (30 October 2017). "Piramal Realty Buys Nirmal Lifestyle Land For Rs 153 Crore In Mulund". Business World.
  11. ↑ "Piramal Realty, Omkar Realtors tie-up to develop project in Mumbai's Mahim". Hindustan Times. 13 December 2019.
  12. ↑ Babar, Kailash (8 December 2021). "Piramal Realty ropes in Farhan Akhtar as brand ambassador". The Economic Times.
  13. ↑ Babar, Kailash (9 September 2021). "Piramal Realty ropes in Rahul Dravid as brand ambassador". The Economic Times.
  14. ↑ "Anand Piramal Conferred with Hurun Real Estate Unicorn of the Year 2017". Construction and Architecture. 9 February 2018.
  15. ↑ "Excellence in Work-Life Balance". NDTV. 2017.
  16. ↑ "Piramal Aranya awarded Ultimate Residential Project - South Mumbai 2018". Zricks.com. 30 October 2018.
  17. ↑ "Realty+ Conclave & Excellence Awards 2020". Realty Plus. 10 November 2020.
  18. ↑ "Winners list". The Economic Times. 11 March 2022.
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