Cine-star Ajay Devgn turns realtor, to develop 2 projects
Mumbai: Actor-turned-producer Ajay Devgn has now ventured into real estate and plans to develop a residential and commercial complex in the metropolis.
Devgn has allied with the Roha Group, which has been in the sector for the last seven years, for its expertise in the segment.
"I am a regular investor in this space. I felt there is a huge scope for coming up with branded products and was waiting for the right associates. Roha Infrastructure (a group company) brings in seven-years of experience in the realty sector and so the alliance came into place," Devgn told reporters on the sidelines of a real estate event here.
The company, Ajay Devgn Infrastructure (ADi), will be developing two projects -- one residential and other commercial under the brand of ADi in Mumbai.
The residential complex -- ADi West Coast -- would come up at Versova while the commercial building -- ADi EGO -- will be constructed at Vile Parle (East) on the Western Express Highway.
While the residential complex is spread across 60,000-70,000 square feet of area, the commercial complex would be set up over 20,000 square feet of area, a company source told reporters.
ADi West Coast will be a ground plus 5 podiums and 12 floors.
"The residential complex will cater to the luxury segment. Each floor will have only one flat of around 5,000 square feet," he said, adding that the flats would be sold only by invitation.
The commercial complex would be a ground-plus-four storyed structure with a basement parking lot.
"We are planning to either sell or lease the complex to an MNC. As of now, we have no plans to lease it out to small retailers for opening their outlets. But we are yet to finalise the details of the project," he said.
He, however, refrained from divulging financial details of the projects.
ADi has plans to develop and sell residential and commercial properties across Mumbai, he said.