Left Menu
Development News Edition

Piramal Realty FY'19 sales booking jumps nearly 4-fold to Rs 3,400 cr

PTI | Mumbai | Updated: 18-05-2019 01:51 IST | Created: 17-05-2019 17:31 IST
Piramal Realty FY'19 sales booking jumps nearly 4-fold to Rs 3,400 cr

Anand Piramal-led Piramal Realty's sales booking jumped nearly four-fold to Rs 3,400 crore in 2018-19 on the back of improved housing demand. The company's sales booking stood at about Rs 900 crore in 2017-18.

Piramal Realty sold nearly 1,000 apartments in the last fiscal, with South Mumbai accounting for more than half of the total sales. "For the current fiscal, we are looking at sales of Rs 3,800 crore," company's founder Anand Piramal said.

The company is looking at doubling its portfolio to 30 million sq ft in the next two years, he added. Piramal Realty has so far launched over 3,500 units under five real estate projects.

The company will continue focusing on Mumbai as it believes the market has a lot of potential given the current scenario post new realty law RERA and demonetisation, Piramal said. According to the data, inventory worth Rs 80,000 crore was sold in the last fiscal in the Mumbai Metropolitan Region.

"Mumbai is growing at an exponential pace owing to the constant influx of working population. Being one of the largest and most stable real estate markets in the country, we believe it has a lot of untapped potentials," Piramal said. He further said there are multiple opportunities to partner with other developers and acquire good land parcels.

"Also, with the reforms in place, the demand in the residential sector increased due to improved market sentiment. At the same time, there is a lot of confidence among prospective homebuyers, owing to increased transparency and clarity," he added.


TRENDING

OPINION / BLOG / INTERVIEW

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...

Videos

Latest News

Turkey's Erdogan says many facilities to reopen on June 1

Turkey will lift restrictions on intercity travel and allow restaurants, cafes, parks and sports facilities to reopen from June 1 as it eases restrictions imposed to curb the coronavirus outbreak, President Tayyip Erdogan said on Thursday.M...

India indicates readiness to engage with Nepal to resolve border row

India on Thursday indicated its readiness to engage with Nepal to resolve the festering border row on the basis of mutual sensitivity and respect. India is monitoring the current situation in Nepal, External Affairs Ministry Spokesperson An...

BBC to air live Premier League matches for first time as season restarts

The BBC will for the first time air free-of-charge Premier League soccer games live when the season restarts next month, the broadcaster said on Thursday.This opportunity creates an historic moment for the BBC and our audiences. At a time w...

India, China don’t need US help to resolve border frictions: Chinese official media

China and India does not need help from the US to resolve their current round frictions at the border, Chinas state-run media said on Thursday in response to President Donald Trumps offer to mediate, pointing out that the leadership of the ...

Give Feedback