The companies are inadvanced stages of discussions to jointly develop a 5-acre prime sea-facing property in Mahim, sources said, adding if it goes through, this willbe the second joint venture agreement between the two afterthe iconic Dhobi Ghat redevelopment project at Mahalaxmi spread across 12 acre.
Earlier Omkar had also entered into a joint development agreement with L&T Realty for a17-acre, redevelopment project in the Parel area, called Crescent Bay, andwith Godrej Properties to develop a4.25 acre property in the tony Bandra Westarea.
"The project is being undertaken under the slum rehabilitation scheme and Omkar and Piramal will jointly develop the property," one of the sources told PTI.
"Recently we have seen a lot of consolidation and we will see a lot more. Currently, in the MMR region, just 20-22 developers control half of the marketand we think in the next few years their pie will jump to 90 percent," the expert said, adding the current fiscalis likely to see many joint project launches.