<div>Indian real estate market faces a tremendous shortage of quality product, said Anand Piramal, executive director of the Piramal Group.<br><br>Piramal on Tuesday (15 September) launched a new residential project in Mumbai’s Thane suburb spread over 32 acres (or 3 million square feet) designed by Chicago-based architects HOK. About 16 acres has been reserved for greenery, including 6,000 existing trees.<br> </div><div>The company is offering a safety net to buyers through a buyback plan anytime from the date of booking to before possession at 95 percent of the market value to demonstrate its assurance to buyers. Piramal Realty is also building residential projects in Byculla, Worli Sea Face, Mulund, and an office complex in Kurla. </div><div><br>Anand Piramal was hopeful of a pickup in demand for office space in Mumbai too as the country’s economic growth picks up. We see positively on the real estate, he replied cautiously. The company has a strong balance sheet, he said.</div><div> </div><div>He declined to share details or make predictions since the unlisted company has Rs 2,700 crore investment by Goldman Sachs and Warburg Pincus. The investors require the company to avoid sharing too many details, he said.</div>
