Piramal Realty, the real estate arm of Piramal group, bought a 3.2-acre land parcel in Mulund, Mumbai, for Rs 153 crore from local developer Nirmal.
The deal works out to be Rs 47.81 crore per acre. The land parcel is located close to Piramal's residential project in Mulund and the company is expected to develop the plot into a residential project.
Nirmal, which faced financial difficulties in the recent past, has been doing joint ventures with bigger firms like Godrej Properties and L&T Realty.