Piramal Sunteck bags Airoli plot for 75 crore

MUMBAI: Piramal Sunteck Realty, a joint venture between Ajay Piramal Group and Sunteck Realty, has emerged as the highest bidder for a 2-acre plot on Palm Beach Road at Airoli, Navi Mumbai , with its bid of 75 crore, over three times its reserve price quoted by CIDCO.

Piramal Sunteck’s bid stood at 91,116.99 per square meter, while the second-highest bid by a local developer Ganesh Valji Vaidhya was 88,900 per square meter.

“We may develop a luxury residential project spread over 2,75,000 sq ft on the plot and might launch the same as early as January ,” said Khushru Jijina, executive director, Piramal Sunteck Realty.

The company is already developing another luxury project called Signia Oceans spread over 1,35,000 sq ft on 1.12-acres in the same locality, and is priced at over 6,500 sq ft, he said.Piramal Sunteck has over 20 million sq ft under construction with premium residential and commercial projects in Mumbai, Nagpur and Jaipur.

According to Mr Jijina, the joint venture is also likely to develop the 30-acre plot in Thane owned by Piramal Healthcare, another Ajay Piramal Group company.