Billionaire Ajay Piramal’s son is seeking to take advantage of teetering Indian developers to expand his property business.
Piramal Realty, which counts Goldman Sachs Group Inc and Warburg Pincus & Co as minority investors, is looking to buy land from distressed developers and build a portfolio of commercial assets, Anand Piramal, the group’s executive director, said in an interview in Mumbai.
“In the next two years there will be lot of consolidation, and in each city the top four to five developers will survive and thrive,” the 34-year-old said. “Five or six years ago, most of the people that came to sell to us were land owners; now most of the opportunities are coming from developers. Developer-to-developer deals are happening because many of these people are stuck,”