Mumbai: Piramal Realty, the real estate division of Piramal Group, on Friday said it has awarded contract worth Rs.700 crore to engineering firm Larsen and Toubro (L&T) Construction to build Piramal Aranya, a luxury residential project at Byculla in south Mumbai.
Spread across seven acres of land parcel, the project would be built with a total investment of Rs.4,450 crore and cover around four million sq. ft. of construction area.
Bookings for the project would start from Saturday, the company said. Piramal Realty said it has awarded L& T Construction with the “contract for the core and shell civil work” for the luxury project.
“We launched Piramal Aranya in March earlier this year in an endeavour to build world-class luxurious residential high-rises in the city. It is our most significant residential development and we are making every effort to ensure that it is one of the finest buildings in the world,” said Anand Piramal, executive director, Piramal Group.
The project would comprise 70-storey towers with 3, 3.5 and 4 bedroom-hall-kitchen apartments with carpet area ranging from around 1,260 sq ft to 2,600 sq. ft.
Currently, Piramal Realty has six projects in Mumbai, with a mix of residential and commercial office projects, totaling 10 million sq ft.
Last year, it launched its first residential project Piramal Vaikunth in Thane.