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.