Piramal Group real estate arm Piramal Realty plans to invest Rs1500 crore for developing a residential project in Thane, targeting home buyers with specific budgets by offering smaller configurations. Terming it as the ‘value housing’ segment, the company has put up for the first time, configured size of the apartments to attract millennials with relatively smaller budgets. The project is a part of the 32-acre township project Piramal Vaikunth, which will be spread across five acres and have a development potential of 2 million sq ft.
“With millennials at the helm, we have witnessed an increased traction towards the value segment over the last few quarters. Our foray into this segment is in line with our expansion plans to create presence across the consumer demand pyramid. We will be investing Rs 1,500 crore for this development,” Piramal Realty founder Anand Piramal said. The configurations of these homes would be 1, 1.5 and 2 BHK apartments with access to premium amenities starting at 350 sqft carpet area at Rs 60 lakh.