Piramal Gulita

Piramal Gulita Mumbai  Overview

Hindustan Unilever has sold Gulita, its ocean-facing estate in south Mumbai, to Piramal Realty for Rs 452.5 crore. The one-acre property in Worli Seaface, which housed a training centre and residential units of senior people of Unilever’s Indian division, will pave the way to a premium residential compound having a view over the Arabian Sea, which Piramal intends to develop there.

Piramal won the bid thumping business honchos like Anil Ambani and Gautam Adani, who placed bids between Rs 350 and Rs 400 crore. The company earlier aimed to sub-lease the estate, but chose to finally dispose it of completely after a Supreme Court order left behind BMC’s bid to increase the premium on ownership transfer to 50%.

Piramal Realty plans to build contemporary luxury residences on the one-acre land and Ajay Piramal might save a piece of it for his individual use, given the prime location. The company can develop a total of 100,000 sq ft of saleable area on the plot following recent revisions in Development Control Regulations in the city.