Leading diamond jewellery manufacturer and retailer Gitanjali Gems Ltd is entering into real estate business through its maiden residential project at Borivli, in Mumbai's western suburb.
Spread over 400,000 sq feet, the project comprises two podiums and two identical wings of 28-storied residential towers with ultra modern amenities, overlooking the Sanjay Gandhi National Park. The project is being developed by Gitanjali Infratech Ltd, a 100 per cent subsidiary of the Gitanjali Group.
The existing Borivli rate, will fetch the company an estimated Rs 400 crore (Rs 4 billion) in revenues. The bookings are scheduled to start from September, while possession is expected to be given by June 2013.
"The real purpose of our entry into the real estate business