Real Estate

Joyalukkas Group enters realty sector

V. Sajeev Kumar Kochi | Updated on December 18, 2013

Joyalukkas Group, the multi-billion-dollar global conglomerate, has entered the real estate sector by launching a residential project in Kochi.

The Rs 300-crore pilot project – Gold Tower – a 22-storeyed 3/4 BHK is expected to be ready by 2016. The new division Joy Allukkas Lifestyle Developers has also plans to launch one more project in Kochi. Popular Tamil actor Prasanth handed over the cheque towards the sale of first apartment in Gold Tower here on Wednesday. Senior Tamil actor-producer Thyagarajan, Prasanth’s father, was also present on the occasion.

Speaking on the sidelines of the function, Joy Allukkas, Chairman and Managing Director, said the decision enter the real estate sector was taken three years back with a maiden venture in Dubai. However, it was dropped following the economic recession hitting the Gulf region.

To a question, Joy Alukkas said he is “very positive” about Kerala’s real estate market, despite the recent downturn faced by the sector. There are also plans to launch similar residential projects in other parts of the State after the completion of the initial venture. He said the company would tap solar energy in a big way to bring down power consumption. LED lights in the common areas of the new residential project will be powered by solar energy as part of the attempt to go green.

The group has also ventured into the business of malls and the first branded ‘Mall of Joy’ will be inaugurated in Thrissur on April 5, 2014.

>sajeevkumar.v@thehindu.co.in

Published on December 18, 2013

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