KOCHI: Atlas Jewellery will invest about Rs 1,000 crore as part of its plan to plunge into real estate sector in Kochi and Kozhikode in the state.
Atlas group chairman M M Ramachandran said that three projects, including two in Kochi and one in Kozhikode, will be taken up under the project in the next two to three years. The group will invest in housing sector, multiplexes and commercial complexes in the State, for which it has formed three companies - Atlas Gold Townships India Pvt Ltd, R I Kanth Pvt Ltd and Atlas Golden Land & Developers Private Ltd.
The group’s first real estate project-Celestial Park is coming up near the Nedumbassery airport in Kochi. The Rs 50-crore project will have one, two and three-bedroom luxury and duplex apartments with mini-super market, multi-gym, Yoga centre, beauty parlour, restaurant, cab on call, and restaurant with room service.
The project, which will have 250 apartments, will come up in one-acre area and will have seven floors and would be handed over by June 30, 2011. The pre-launch offer price is Rs 2,700 a sq ft.The project will have seven floors and it will be handed over by June 30, 2011. The single bedroom will have 550 sq ft area, two bedrooms of 820 sq ft and 1,100 sq ft and three-bed apartment will be 1,488 sq ft. The group has received 50 bookings.
The other projects in the pipeline are a multiplex of six cinema houses, 200 shops and 150 luxury apartments.
The group’s investment will be Rs 400-500 crore. The group will also be constructing flats and villas near Kakkanad in an area of 10.5 acre with an investment of Rs 500 crore.
Established in 1981 in Kuwait, Atlas Jewellery is the only group to have its presence in all the GCC countries.