Piramal Realty, the real estate development arm of the Piramal Group, has launched the second phase of its integrated residential project, Piramal Vaikunth, located in Balkum, Thane, near Mumbai. The newly launched phase has an estimated gross development value (GDV) of approximately ₹4,700 crore, while the company plans to invest around ₹3,600 crore for its development.
The second phase begins with the launch of its first residential tower, offering two- and three-bedroom apartments designed to cater to the growing demand for premium housing in the Mumbai Metropolitan Region (MMR). The launch follows the successful completion of the project’s first phase, which has already been delivered to homebuyers.
Since handing over its first homes in November 2022, Piramal Realty has completed 14 residential towers and delivered around 3,000 homes within the township. The company said the progress reflects its focus on timely project execution and customer delivery.
Commenting on the launch, Abhijeet Maheshwari, Chief Executive Officer of Piramal Realty, said that the value of a residential development is realized when people begin living in the community. He added that while design establishes the foundation of a project, consistent execution and timely delivery help build customer trust and create thriving residential communities.
The integrated township is strategically located adjacent to the 21-acre NaMo Grand Central Park, providing residents with access to large green spaces and recreational amenities. The location is also expected to benefit from several upcoming infrastructure projects that are set to improve connectivity across the Mumbai Metropolitan Region.
These include Metro Lines 4 and 5, the proposed Thane Ring Metro, the Thane-Borivali twin tunnel, the Eastern Freeway extension, the Thane Coastal Road, and the proposed elevated corridor connecting Thane with the Navi Mumbai International Airport. These infrastructure developments are expected to enhance accessibility and support long-term residential demand in the area.
Founded in 2012, Piramal Realty currently has around 12 million square feet of residential real estate under development across the Mumbai Metropolitan Region.
The launch also comes at a time when Thane’s residential market continues to witness healthy demand. According to real estate data analytics firm PropEquity, the city recorded 16,386 housing unit sales during the second quarter of 2026, reflecting a 10% year-on-year increase, while new housing supply rose 41% year-on-year to 13,961 units, highlighting continued development activity in one of MMR’s fastest-growing residential markets.
Image- piramalvaikunth.com
