Piramal Realty awards Rs 700-cr contract to L&T

New Delhi: Piramal Group's real estate firm Piramal Realty has awarded Rs 700-crore contract to L&T Group for construction of its housing project in Mumbai.

The Mumbai-based realty firm is developing a project in Byculla - Piramal Aranya - with the total investment pegged at Rs 4,450 crore, including land, and project development and execution costs, the company said in a statement today.

"Piramal Realty has awarded engineering and construction company Larsen & Toubro (L&T) Construction with the contract for the core and shell civil work for Piramal Aranya. Covering nearly four million sq ft of construction area, the contract is worth over Rs 700 crores," the statement said.

Following the successful launch in March 2016, the company is unveiling new inventory of the 3BHK elite harbour facing suites. Bookings for this inventory will commence from August 20, 2016.

"We launched Piramal Aranya in March earlier this year in an endeavor to build world-class luxurious residential high rises in the city. It is our most significant residential development and we are making every effort to ensure that it is one of the finest buildings in the world," said Anand Piramal, Executive Director, Piramal Group.

In 2015, Goldman Sachs and Warburg Pincus, two international equity partners, invested about USD 434 million in the company at the entity-level, making it one of the largest foreign investment in real estate.

Piramal Group is one of India's leading conglomerates with interests in pharmaceuticals, financial services, information management, glass packaging and real estate.

It is founded by Ajay Piramal and has a market value in excess of USD 6.5 billion.