Piramal Realty plans to invest Rs 3500 crore over the next two years and build 5,000 apartments

Piramal Realty would invest Rs 3,500 crore in four active home projects over the next two years, aiming to provide clients with a 6 million square feet space, according to CEO Gaurav Sawhney.

Sawhney told PTI that the company is developing 13 million square feet in four residential projects in Mulund, Thane, Mahalaxmi, and Byculla in the MMR in phases.

Across these four projects, the business is building around 12,000 flats.

"We have launched roughly 8-8.5 million square feet in these four projects so far," he added, adding that the remaining 4-5 million square feet will be introduced over the next two years.

Sawhney stated that the company is focusing on delivery and has begun turning over the first 1,000 residences totaling approximately 1 million square feet to its customers.

"We are expected to produce another 60,00,000 (6 million) square feet over the next two years, and we will be investing more than Rs 3,500 crores in construction," he said. Approximately 4,500-5000 flats will be delivered in this 6 million square foot area.

Sawhney emphasised that the company has established itself in the premium luxury segment of the market, with a focus on green initiatives, better use of space inside and outside the apartments, and communal living.

"At least in MMR, I can say we have a decent overall position today that people are continuing to invest in the brand and have bought into the promise extremely well," he noted.

Sawhney stated that despite rising interest rates on house loans, housing demand remains strong.

He stated that the mortgage rate is not the sole consideration for customers when purchasing real estate. Other determinants include property prices, disposable money, employment security, and pay increases.

"We believe that there is a very strong sentiment of home buying post-COVID, which gives us confidence that it will continue to drive market demand," he added.

Sawhney stated that the company had averaged sales bookings of Rs 2,000 crore each year over the last five years.

He stated that the corporation is trying to add more land banks for future development in order to expand its business. It is looking for collaborative development partnerships with landowners.