Piramal Realty enters commercial real estate

MUMBAI: Piramal Realty, the real estate development arm of Piramal Group, has forayed in the commercial real estate segment. The developer has launched a corporate park located on the arterial LBS Road in Kurla suburb of Mumbai.

“Complementing the success of our residential properties, we are now creating a commercial landmark that will lay solid foundation for a unique business culture. Kurla is a rapidly changing urban blend of residential colonies, industrial estates and commercial enclaves. We believe, Piramal Agastya will add to the overall socio-economic development of the landscape and break new ground as the business environment of the future,” said Anand Piramal, executive director, Piramal Realty.

For phase I of this project, the company has borrowed Rs 700 crore in loan syndication with Standard Chartered Bank being the lead banker.

The proposed development of the project spread over 16.25 acres will be completed in two phases. Phase I will cover around leasable area of 1 million sq ft. The project consists of three buildings; one at two level above ground and the others at six level above ground.

Credits ET Realty

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