Piramal wins CIDCO tender

Piramal Sunteck Realty, a joint venture between Ajay Piramal Group and Sunteck Realty, today won for Rs 750 million worth tender bid by City and Industrial Development Corporation of Maharashtra (CIDCO) for 8,230 square meter plot in Airoli on Palm Beach Road.

Piramal Sunteck emerged as the winning bidder at the bid process by offering Rs 91,116.99 per square meter with the second highest bid quoting Rs 88,900 per square meter.

Piramal Sunteck Realty has over 20 million square feet under development with premium residential and commercial assets across city centric locations in Mumbai, Nagpur and Jaipur. The company was set up in 2007 between Ajay Piramal Group, a leading Indian conglomerate with operations spanning pharmaceutical, healthcare and glass; and Sunteck Realty, one of Mumbai`s premium real estate developer led by Kamal Khetan.

Commenting on the acquisition, Khushru Jijina, executive director, PSRPL said, “This property offers us the opportunity to delight our customers in Airoli once more. A strategic location, iconic design, world class features backed by the high quality Piramal Sunteck execution will ensure that we build another landmark.“`

Kamal Khetan, managing director, PSRPL, added, “Our strategy has always been to acquire prime property across Mumbai. PSRPL has believed in the Navi Mumbai story and already has Signia Oceans, which has been well received by the market. We are happy to have acquired our second plot in Airoli, and believe that we now have the unique opportunity to develop one more value added product and create significant value for our stakeholders.“

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