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Omkar, Piramal Tie Up to Develop Mahim Property
The Economic Times  |  April 15, 2019

Press Trust of India Mumbai

Omkar Realtors and Anand Piramal-led Piramal Realty are close to extending their existing partnerships to a new project in Mahim. The companies are in advanced stages of discussions to jointly develop a five-acre prime sea-facing property, sources said.

 

They added that if it goes through, this will be the second joint venture agreement between the two after the iconic Dhobi Ghat redevelopment project at Mahalaxmi spread across 12 acres.

 

Earlier Omkar had also entered into a joint development agreement with L&T Realty for a17-acre, redevelopment project in the Parel area, called Crescent Bay, and with Godrej Properties to develop a 4.25-acre property in the tony Bandra West area.

 

“The project is being undertaken under the slum rehabilitation scheme and Omkar and Piramal will jointly develop the property,” one of the sources told PTI.

 

While Omkar could not be reached for comments, Piramal Realty spokesperson said, “We are looking at multiple opportunities within the western corridor.”