Groupco
Developers launched by Shilpa Shetty will have two projects in Navi Mumbai
By Dinesh Kamath
NAVI MUMBAI: Shilpa Shetty, the Bollywood actress and owner of IPL
Rajasthan team, has launched a company, Groupco Developers, in partnership with
her friend and first generation entrepreneur Hem Tejuja, to develop housing
projects in collaboration with land owners across the country.
Tejuja, managing director of
Groupco Developers, says a special project vehicle will be formed for each
project. Their local partner will be responsible for land parcels and approvals
while Groupco Developers will execute the project and also market the same.
The first two projects will come
up in Navi Mumbai and the ancient port city of Lothal
(near Sanand) in Gujarat . It targets a revenue
of nearly Rs 700 crore in the next three years through residential projects
with total saleable area of around 1 million sq ft in Navi Mumbai and 150 acre
project at Lothal.
Its Navi Mumbai portfolio
includes a 75,000 sq ft project in Taloja, and another one in Kharghar with
60,000 sq ft saleable space.
As a marketing strategy, Shilpa
plans to make each of the projects vastu compliant and ensure that each
apartment has good energy flow. She will also be retaining a unit in each of
these buildings and projects to bring the celebrity quotient into them. What
connects her to the new business is her emotional connect with the middle-class
and people's aspiration to own a home. Before becoming a film star she was just
a middle class person from Chembur and therefore she can connect with people's
dream of owning a decent house that is affordable.
Thus Groupco Developers is a
50-50 joint venture between Shetty and Tejuja.
No comments:
Post a Comment