Real Estate Bid By Gitanjali Group

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MUMBAI, INDIA (GaeaTimes.com)- Noted diamond jewelry retailer and manufacturer Gitanjali Gems Ltd is going to make foray into lucrative real estate business. Its maiden real estate project is all set to come up at Mumbai’s western suburb, Borivali. It is going to be a residential project as per the available news. The residential project will comprise of an area covering 400,000 sq feet. There will be two identical wings of towers which will have 28 floors each. The towers will have all the latest residential amenities. It will be in the vicinity of the Sanjay Gandhi National Park. The housing project is being made by Gitanjali Group’s wholly owned subsidiary named Gitanjali Infratech Ltd.

The company expects to earn an estimated INR 400 crore from the revenue of the real estate project in Mumbai. The bookings for the flats will begin in September as the group has said. Those who book the flats under this project may get the possession of the flats by the year 2013, as per the reports. The managing director and chairman of Gitanjali Group, Mehul Choksi said that with this project the group will repeat the success it has got with lifestyle business.

The company is pretty upbeat about this real estate project in Mumbai but it is keen on continuing with the jewelry business which has been its core business till date. Mehul Choksi said that the company will not deviate from the jewelry business at any cost. This is just another instance of other mainstream business groups venturing into the real estate scene in Mumbai.