Top diamond jewellery player, Gitanjali Group has recently made entry into the real estate business.

As per reports, the company is eyeing Rs 525 crore from its two real estate projects by the next 30 months.

Under its fully-owned subsidiary Gitanjali Infratech, Gitanjali Group, is originating approximately 8-lakh sq ft of land in Mumbai's suburban region.

The said project also consists of a luxury residential project.

Mr. Mehul Choksi, Gitanjali Group's Chairman and Managing Director stated that they have decided to build up about 4-lakh sq ft space each in Borivali (residential) plus Andheri East (commercial).

"We are expecting around Rs 125 crore from the Andheri project, and around Rs 400 crore from the residential one,'' Mr. Choksi added.

But, Mr. Mehul stated that the company would start reaping gains after a period of 24-30 months as the possessions would need some time to be originated.

At present, approximately 1-lakh square feet is being originated out of the 4-lakh square feet region in Andheri.

Mr. Choksi also said that the group is in involved in unlocking the worth of the space left.

Up till now, the group has made a total investment of Rs 100 crore in the real estate biz.