Lead Story

Will Piramal Realty prove to be lucky for Warburg Pincus and Goldman Sachs?

The PE investors' bet is a mix of proprietary insights and ambitious assumptions

Photographs by Soumik Kar

It is half past noon as the sun beats down on the promenade in the upmarket locale of Hiranandani Estate in Thane, a satellite city abutting Mumbai district. Working out of a 400-sq ft office in one of the bylanes nearby is 50-year-old Mahesh Ahuja, who sorely misses the intermittent buzzing of his phone between sporadic visits from customers, all of whom are looking for a reasonably-priced dwelling in a locality that has fast emerged as one of the most sought-after residential hotspots.