Home >Companies >Piramal Fund hires Anuj Puri’s Anarock to sell its apartments in Omkar 1973

Piramal Fund Management Pvt. Ltd, the property investment platform of Ajay Piramal-owned Piramal Enterprises Ltd, has hired Anarock Property Consultants, launched by real estate veteran Anuj Puri, to sell about 70 apartments worth Rs1,100 crore in Omkar 1973 Worli, an ongoing luxury residential project of Mumbai-based developer Omkar Realtors and Developers Pvt. Ltd, according to a top management executive.

Piramal has invested about Rs1,400 crore in Omkar 1973 including Rs1,200 crore debt and Rs200 crore in equity. About half of the debt has been repaid so far.

In 2015, Piramal Fund Management had announced the exit of its equity investment in Omkar 1973. The investment, made between August and December 2011 by Indiareit Domestic Scheme IV will be exited at an internal rate if return (IRR) of 24%, a Piramal statement had said.

Domestic Scheme IV, which was raised in 2010 with a Rs922 crore corpus, was deployed across eight transactions including projects in Whitefield and Electronic City, Bangalore and in Pune.

“We have roped in Anarock as exclusive marketing partner for our Omkar 1973 projects and we may extend the tie-up for other projects if this deal works well," said Khushru Jijina, managing director, Piramal Fund Management. Besides Anarock, Brickex—a division of Piramal Fund Management, will also market the Omkar 1973 apartments.

Puri who heads Anarock declined to comment. Buyers of Omkar 1973 apartments include cricketers Virat Kohli and Yuvraj Singh and Bharat Forge chairman Baba Kalyani.

The price of each apartment that belongs to Piramal Fund is Rs11-26 crore.

Omkar 1973, designed by Foster Partners and constructed by Larsen and Toubro Ltd, has three high-rise towers spread over nine acres located off Annie Besant Road.

“Mumbai will always have demand for luxury residential projects with the right address, development quality and profile of people the development is made for," said Sanjay Dutt, chief executive, India operations, Ascendas-Singbridge India, the local arm of business space solutions provider Ascendas-Singbridge Group. Omkar 1973 is one such and now is ready with occupation certificate for a part of the building and is available at an attractive value for Mumbai standards, Dutt added.

Former chairman and country head of JLL Anuj Puri, had acquired the property consulting firm’s residential brokerage business called Jones Lang LaSalle Residential Pvt. Ltd for an undisclosed sum in April. After buying the retail window, Puri has started selling various premium residential projects of Acme Group, Neelkanth Group and Runwal in Mumbai and Ashiana, Vatika in NCR, said a person aware of the development.

Piramal Fund Management (formerly known as Indiareit) entered into realty funding in 2006 with Domestic Fund Scheme I which was followed by five more domestic funds and one offshore fund—Offshore Fund Scheme 1, investing in markets such as Mumbai, Hyderabad, Bengaluru, Chennai, Pune and Gurugram.

In February 2014, Piramal Fund launched a $500 million platform with Canadian Pension Plan Investment Board (CPPIB) to provide debt financing to residential real estate firms and the venture has made an investment of Rs110 crore in a Gurugram-based project by Advance India Projects Ltd.

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