The Rs.1,000-crore textiles-to-real estate major, Bombay Dyeing, will develop eight lakh sq ft of property on its surplus land in Mumbai. The company will construct a high-rise building for commercial and residential use. “We will commence construction of a high-rise tower in two months. The entire project will be sold off in the next 24 months,” Chairman Nusli Wadia told shareholders at the company’s AGM.

 Although it would be difficult to fix a value for the upcoming project, real estate market sources said the company could earn a few thousand crores. However, the value will depend on the state of the real estate market, which has shown signs of weakness of late.

                                                              Courtesy: – ET dtd: – 5^th Sep 2008