Piramal Realty has acquired Gulita—a property in south Mumbai—from Hindustan Unilever for Rs. 452 crore. The company plans to develop high-end luxury apartments on the one-acre land. Ajay Piramal might retain a portion of it for personal use, given the property's premium location, according to reports.
Gulita, situated on Worli Seaface, previously housed a training center and private residences for senior executives of Unilever’s Indian arm. The property, built in 1968, was leased perpetually from the Brihanmumbai Municipal Corporation, which is the civic authority of Mumbai.
The property was put up for sale after Hindustan Unilever established a new campus in Andheri and relocated its training facilities there. This move attracted several potential buyers, including Anil Ambani, Gautam Adani, Oberoi Realty, and Sahara.
Earlier this year, Piramal Realty purchased a plot of land in Mumbai from Mafatlal Industries Ltd for approximately Rs. 760 crore. Khushru Jijina, Managing Director of Piramal Realty, stated that the company plans to develop five residential projects in Mumbai, with an estimated investment of about Rs. 1500 crore. These initiatives are projected to develop around 30 million square feet, financed through the company’s own resources.
Recently in the real estate sector, Housing Development and Infrastructure Ltd sold a two-acre plot in Mumbai to Adani Enterprises for Rs. 900 crore to repay its debt. Additionally, Ascendas Property Fund Trustee Private Limited, the Trustee-Manager of Ascendas India Trust (a-iTrust), acquired two operating buildings in Hitec City 2 Special Economic Zone in Hyderabad from Phoenix Infocity Pvt Ltd for Rs. 176.5 crore. Meanwhile, IL&FS Investment Managers purchased four office buildings from Logix Group in Noida for Rs. 600 crore.