Gitanjali Infratech expects Rs 525-cr rev from realty biz | mumbai | Hindustan Times
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Gitanjali Infratech expects Rs 525-cr rev from realty biz

mumbai Updated: Jul 12, 2010 17:07 IST

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Leading diamond jewellery player, Gitanjali Group, that recently entered the realty business, expects Rs 525-crore from its two realty projects over the next 30-months, a top company official said.

Gitanjali Group, under its wholly-owned subsidiary Gitanjali Infratech is developing aroud 8-lakh sq ft of land in suburban Mumbai, which includes a luxury residential project.

"We plan to develop around 4-lakh sq ft space each in Andheri East (commercial) and Borivali (residential). We are expecting around Rs 125-crore from the Andheri project, and around Rs 400-crore from the residential one," Gitanjali Group's Chairman and Managing Director, Mehul Choksi, told reporters on the sidelines of a FICCI event here today.

However, Choksi said revenues would flow-in only after 24-30 months as the properties would take some time to be developed.

Currently, of the 4-lakh sq ft area in Andheri about 1-lakh sq ft is being developed. The company is in the process of unlocking the value of the remaining space, Choksi said.

The group has so far invested Rs 100-crore in the realty business.