Piramal Realty today launched a luxury residential project ‘Piramal Aranya’ at Byculla in the megapolis and plans to invest Rs 4,300 crore for the same. The company is expecting revenue of around Rs 8,000 crore over the next 4-5 years from the project, Piramal Group Executive Director Anand Piramal told PTI here.
Spread across seven acre, the company plans to develop a 70 storey tower with a construction area of 3.7 million sq ft. The prices of the apartments, 3BHK and 4BHK, range between Rs 8 crore and Rs 12 crore. “In the past few years, we have seen an improvement in the market for luxury residential and people are ready to pay a premium for a good product. We will be investing around Rs 4,300 crore for the project, which will include cost of land, construction cost and cost incurred for approvals,” he said. He further said the work on the project is expected to commence in the next 1-2 months and is likely to be completed in 4-5 years.