Piramals close to buying DB Realty's Marine Drive plot.

Piramal Realty, an Ajay Piramal group company, is set to take over DB Realty’s Marine Drive project in Mumbai for close to Rs. 1,000 crore, a top company official confirmed.

The Piramal company will use the 2.2-acre plot to construct a multi-storey residential tower.

'(It is) more or less a done deal. What we are working on now is to get permission from the government to construct the residential tower,' a top Piramal official said.

DB Realty had planned a 126-storey 5-star hotel that failed to go through due to various legal issues involving the company’s promoters and a slowdown in the real estate sector.

DB Realty was trading flat at Rs. 52.60 a share in recent morning trades.

The plot is behind heritage buildings on Marine Drive and will therefore not be subjected to height restrictions, said the official, on condition of anonymity.

BS