Royal Palms to invest Rs 1,500 cr

MUMBAI: Real estate developer Royal Palms India on Sunday said it would invest Rs 1,500 crore in next three years for developing an eight million sq ft property in suburban Goregaon.

"We would build 5 star, 4 star and 3 star hotels, IT offices, residential properties, villas and a retail mall. We would be roughly investing Rs 1,500-2,000 per sq ft area for construction," Royal Palms India Joint Managing Director Dilawar Nensey said.

The Rs 1,500 crore would include only the construction cost and not the land cost.

Royal Palms has a land bank of 240 acre in Mumbai, 290 acre near Pune and 80 acres in Alibaug.

Of the 8 million sq ft area in Goregaon, the company has got special economic zone (SEZ) status in 6 million sq ft area. So, it would build its IT offices in the SEZ area so that the benefits of SEZ could be passed on to IT players, he said.

Royal Palms has built 600 IT offices till date and would build 400 more.