News & Views on Indian Real Estate

Thursday, September 11, 2008

Gammon India To Consolidate A Realty Arm

Construction firm Gammon India Ltd has decided to consolidate its real estate projects under Gammon Realty, which it plans to list on the bourses. Though the realty arm was floated two years ago, it has announced only one venture in Bhopal, Madhya Pradesh-a Rs800 crore mixed-use project that would host a five-star hotel, and residential and office space. Gammon Realty plans to develop different properties across India—both high-end residential and commercial space-in Mumbai, Bangalore, Mysore and Bhopal, and has already acquired sizeable land. It is planning an IT park on 10 acres in Dombivli, a Mumbai suburb. Besides this, it has plans to develop another high-end residential and commercial complex spread over seven acres, near the Andheri Sports Complex in Mumbai. The company has also acquired some 200 acres in Mysore and another 200 acres near the new Devanahalli airport in Bangalore.