The land parcel is located next to Piramal's existing housing project 'Piramal Revanta' at Mulund.
Piramal Group firm Piramal Realty said on Tuesday that it will acquire 3.2 acres of land in Mumbai from Nirmal Lifestyles for Rs 153 crore. This land parcel is located next to its existing housing project 'Piramal Revanta' at Mulund in Mumbai, the company said in a statement. Piramal group Executive Director Anand Piramal said: "At Piramal Realty, we are committed to enhancing the value proposition for our customers." This strategic land acquisition would significantly benefit existing and potential customers, he added.
Piramal Realty will invest an estimated Rs 1,800 crore in the Piramal Revanta project.
The company has awarded the construction contract for the project to global construction major Eversendai.
Eversendai is best known for its work on Dubai's Burj Khalifa, Malaysia's Petronas Towers and Qatar's Olympic stadium, the statement said.
Piramal Realty is the real estate development arm of the Piramal Group.
Recently, Goldman Sachs and Warburg Pincus, two international equity partners, invested about $434 million in the company at the entity level.
The Piramal Group has presence in many sectors like pharma, financial services, information management, glass packaging and real estate. It was founded by Ajay Piramal and has a market value in excess of $9.5 billion.
Nirmal Lifestyles Ltd is also engaged in real estate business and has projects in Mumbai.(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)