Emami & Sheth Mumbai Based Developers may team up

Published on July 30 2011 by 7bighagroup

Mumbai

Emami Group is poised to team up with Sheth Developers of Mumbai to jointly develop prime real estate on Gokhale Road (south) in Dadar, Mumbai.

If plans fructify, the duo intend to build an upmarket residential complex packed with swanky lifestyle options like recreational facilities, huge parking space, extensive landscaping and trendy architectural designs.

Total investment in the proposed project is pegged at over Rs 100 crore.
Sources claim the residential complex is likely to fetch over Rs 30,000 per square feet, if the going square feet rates are any indication. A world-class architect will be roped in for the project.

When contacted, Emami group chairmen RS Agarwal confirmed that the group is in talks with Sheth Developers for the proposed development but refused to share details. He, however, said Emami has sought permission for ‘change of land use’.

Incidentally, the factory land, which is spread over approximately 2.5 acres, came into Emami’s fold after it acquired Zandu Pharmaceutical Works in 2009. Post consummation of the deal in June 2009, Emami hived off Zandu’s FMCG business and merged it with itself. The residual businessof Zandu became a real estate company and its name was changed to Zandu Realty.

Zandu Realty is now majority-owned by Emami Infrastructure, which also owns the real estate businesses of Emami.Closer home, the company has chalked out plans to develop about 22 lakh square feet of residential property on Jessore Road in north Kolkata. The flats are expected to fetch a price of Rs 4,500-5,000 per sq ft.

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