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Adani Realty, the unlisted real estate venture of Gautam Adani, is on a fast-track mode with its real estate ventures.
The company said it will develop a total of 1.5 million sq feet of commercial real estate and expects revenue to the tune of ₹3,000 crore from the venture.
Adani Realty has interests in both commercial and residential projects.
The company said its Mumbai commercial project — Inspire by Adani — will come up in Bandra Kurla complex and will be ready by June.
Besides this, the company is developing four other commercial projects in Mumbai and Ahmedabad.
Ajay Munot, CEO, Adani Realty said, “We believe the time is right to enter the commercial category in Mumbai. Our first commercial project in Mumbai will come up in BKC. We will be looking at both strata sale and leasing in the eight lakh sq feet commercial project.” Munot said the company was in talks with players in aviation, BFSI sectors and FMCG to lease or sell space in its Mumbai commercial project.
He said the rental will stand at ₹250 per sq feet and ₹27,000 per sq feet for sale.
Besides the Mumbai commercial project, Munot said Adani is also developing three other projects. These include a six-lakh-sq-feet commercial in Shantigram, a township the company is creating in Ahmedabad, besides a Mumbai residential-cum-commercial project.
Speaking about its residential projects, Munot said Adani Realty has invested in residential project Oyster Grande in Gurgaon, Shantigram a 600-acre township in Ahmedabad, Monte South – a JV between Adani and Marathon – for Mumbai project.
Residential projects “We are on track with all the projects”.
Munot said the company is also developing an affordable housing project Angan in Gurgoan and an assisted senior living project in Ahmedabad.
In 2012, Adani had said it was exiting its real estate business to focus on ports, logistics and resources. However, the company had renewed its focus on realty in 2014.
Adani said that it will be developing about 50 million sq feet of real estate across India with an investment of ₹3,500 crore.
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