Published On:May 28 2014
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Adani in realty push, lines up projects.
The Adani group is on a fast track. It announced a Rs. 4,400-crore acquisition of the Dhamra port the day election results gave Prime Minister Narendra Modi a superlative win.
Just over a week later, the Rs. 50,000-crore group's real estate arm, Adani Realty, announced the launch of a luxury residential project in Mumbai's posh Four Bungalows area, a western suburb. The project promises 'the privilege of being up and away' and is coming up on two acres of land the group bought in early 2012 from Mumbai developer HDIL for Rs. 900 crore. There will be three towers of 29 storeys each.
The Mumbai launch came after a long hiatus for the realty firm.
While the group's corporate communications team did not respond to emails, consultants said the saleable value of Adani's real estate projects could be at least Rs. 10,000 crore. The group has a little over 1,000 acres of land across the country.
Adani Realty, the youngest firm in the group, claims it is developing 50 million sq ft of real estate in Ahmedabad, Mumbai and Gurgaon.
DLF, the country's biggest real estate company, had 52 million sq ft under development, consultants said.