Piramal Mahalaxmi Records Over 2X Growth in NRI Sales

Piramal Realty, the real estate arm of Piramal Group, saw a surge in demand from NRI customers in the second quarter of 2020. Rupee depreciation, lowest interest rates on home loans, reduction in Stamp Duty charges and innovative schemes like flexible payment plans and rental pay back have been some of the key driving factors. This has led to an increase in bookings from NRI’s which has led to an overall growth of over 200 percent in sales.

Piramal Mahalaxmi

Piramal Mahalaxmi, the residential development by Piramal Realty witnessed over 40% of its total sales from NRI’s with maximum interest in 2bhk and 3bhk apartments offering lifetime views of the 225 acre Mahalaxmi Racecourse and the Arabian Sea. With changing times and embracing the digital way of booking homes, NRI’s have adapted to the new normal and are increasingly accepting the new tools and technologies to book their homes.

Commenting on this, Gaurav Sawhney, President, Marketing and Sales, Piramal Realty, said, "Despite the global economic scenario and the ongoing challenges, we have seen tremendous demand from NRIs. Many factors have led to the uptick in demand one of them is having the comfort of owning a property back home, which is available for future use or upgrading to a better lifestyle and staying with their families who still reside in India. With these changing times, it is our constant endeavor to create spaces that significantly improve the quality of life for individuals and families, by setting gold standard in customer-centricity, architectural design, quality and safety.”

With over 2 million square feet of development, Piramal Mahalaxmi is set to be one of the largest premium residential developments in South Mumbai. The luxury project offers 2, 3 & 4 BHK Private Residences with unobstructed views of the 225 acres Mahalaxmi racecourse and the Arabian Sea to its customers. The project partners with the world’s most renowned and leading experts in the real estate sector to create a healthy lifestyle and ultimate physical manifestation of the signature 'framed window' concept, which doubles up as a viewing observatory deck. Piramal Mahalaxmi offers a range of world-class amenities, such as an infinity-edged Swimming Pool, Observatory Deck, Spa, Fitness Centre, Library/Reading Lounge, Resident’s Lounge, Podium Garden, Landscaped Outdoor Terraces, multi-purpose Sports Hall, Squash Courts, and a Jogging Track.

About Piramal Realty

Founded in 2012, Piramal Realty, the real estate development arm of Piramal Group is one of India's leading developers with 17 mn sq. ft. of residential and commercial under development in and around Mumbai. In 2015, Warburg Pincus and Goldman Sachs two of the world's most respected private equity investors invested $235 million dollars for a minority stake in the company.

Piramal Realty aims to be the gold standard in design, quality, safety and customer centricity in both residential and commercial real estate. Piramal Realty's developments, while being cutting edge and contemporary, focus on embracing a more intuitive definition of luxury, which celebrates nature, greenery, space, light, ventilation, art, culture and community living.

About Piramal Group

The Piramal Group, led by Ajay Piramal, is one of India's leading business conglomerates with a global footprint. With operations in 30 countries and brand presence in over 100 markets. The Group's diversified portfolio includes presence in industries in pharma, financial services, healthcare information management, glass packaging and real estate.