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Piramal Realty has launched Phase 2 of its premium integrated residential project, Piramal Vaikunth, in Balkum, Thane, with an estimated Gross Development Value (GDV) of around INR 4,700 crore. The company has introduced the first residential tower under the new phase, featuring 2 and 3-bedroom homes, while the total investment for Phase 2 is estimated at INR 3,600 crore. The expansion builds on the completed infrastructure and residential community developed during Phase 1 and comes as Balkum continues to gain traction due to multiple upcoming infrastructure and connectivity projects across the Mumbai Metropolitan Region.
Piramal Realty, the real estate development arm of the Piramal Group, has launched Phase 2 of its integrated premium residential township, Piramal Vaikunth, in Balkum, Thane. The newly launched phase has an estimated Gross Development Value (GDV) of around INR 4,700 crore, while the total project investment for Phase 2 is expected to be approximately INR 3,600 crore.
As part of the launch, the developer has introduced the first residential tower under Phase 2, offering 2 and 3-bedroom residences within the Piramal Vaikunth township. The project is located adjacent to the 21-acre NaMo Grand Central Park and is aimed at expanding the existing residential community developed by the company in Balkum.
The latest phase follows the completion and handover of Phase 1, which marked a major milestone for the project. Since handing over its first homes in November 2022, Piramal Realty has delivered 14 residential towers comprising around 3,000 homes. The developer has also completed several key community and social infrastructure components, including Thane's first ISKCON temple within a residential development, the Sri Sri Radha Govindadeva Mandir, a 50,000 square feet clubhouse known as Club V, and a significant portion of the township's internal infrastructure.
Commenting on the launch, Abhijeet Maheshwari, Chief Executive Officer of Piramal Realty, said the company believes the true value of a development is realised after residents begin living in it. He stated that while design creates the foundation of a project, consistent execution and timely delivery help build trust and shape a thriving residential community. He added that the company's latest campaign, Built. Delivered. Thriving., reflects the evolution of Piramal Vaikunth and its focus on creating a well-established neighbourhood with completed infrastructure, open spaces and social amenities already in place.
Located in Balkum, one of Thane's emerging residential micro-markets, Piramal Vaikunth is expected to benefit from a series of planned infrastructure projects across the Mumbai Metropolitan Region. The township is situated near the upcoming Mumbai Metro Lines 4 and 5, as well as the proposed Thane Ring Metro, which are expected to improve public transport connectivity.
The project is also expected to gain from other proposed infrastructure developments, including the Thane-Borivali Twin Tunnel, Eastern Freeway Extension, Thane Coastal Road, and the proposed Thane–Navi Mumbai International Airport Elevated Corridor. These projects are planned to improve connectivity between Thane, Mumbai and Navi Mumbai, while enhancing accessibility across the wider Mumbai Metropolitan Region.
Piramal Realty said the launch of Phase 2 is intended to build on the existing residential ecosystem created under the first phase while expanding its premium housing portfolio in Thane. The project is registered with MahaRERA under Piramal Vaikunth, Thane | Cluster 3, Tower 3 – PR1332022601156.
Founded in 2012, Piramal Realty is the real estate development arm of the Piramal Group. The company currently has nearly 12 million square feet of residential real estate under development across Mumbai and the Mumbai Metropolitan Region. Over the years, the developer has focused on premium residential projects with an emphasis on design, quality, customer experience and integrated community development.
Source PTI
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