Piramal Realty, the real estate arm of Piramal Group, has announced its plans to invest Rs 1,500 crore for developing a residential project in Thane, Maharashtra.
Piramal Realty has termed it “value housing segment” and through it the real estate developer for the first time aims to cater to millennials with relatively smaller budgets.
The project is a part of the 32-acre township – Piramal Vaikunth. The project has a cluster area of 5 acres and a development potential of 2 million sq feet.
The newly launched Cluster 3 would be offering 1, 1.5 and 2 BHK apartments with access to premium amenities starting at 350 sq feet carpet area at Rs 60 lakh.
The project is located in Balkum in Thane West and also has an ISKCON temple complex, which is spread over 2.75 acres.
Piramal Realty founder Anand Piramal said there has been an increased traction towards the value segment over the last few quarters. He said his company’s expansion into the segment is in line with plan to create homes across the consumer demand pyramid.
“Our aim is to create homes that significantly improve the quality of life for the youth and first-time homebuyers by setting gold standards in customer-centricity, architectural design, quality and safety,” Anand Piramal said.
Of the total area 4 per cent of the project will have open spaces. It will have up to 60,000 sq ft allocated for amenities that will include a swimming pool, toddlers’ play area, library, hobby area, indoor games room and gymnasium.
Piramal Realty, founded in 2012, has a strong presence in and around Mumbai. The company has around 17 million sq ft of residential and commercial space under development in and around India’s financial capital.
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