Rajasthan based Mangalam group will invest Rs 150 crore in developing a commercial project in Jaipur, Amrita Gupta, Director of the company told ET.
Spread across 310,000 sq ft, almost 25% of the area will be for retail and rest will have offices.
“There is a lot of interest to invest in tier 2 cities and Jaipur is among the most sought after location. We have the perfect location for a commercial project and we expect to make it operational by June 2024,” said Gupta who is also the founder president of CREDAI Rajasthan women’s wing.
Manglam Group is expected to register sales of Rs 200 crore by 2024 from this project. With 75% of the project area already booked, Manglam Signature Elite has received interest from both locals and investors from nearby cities.
The available spaces range from a starting area of 735 sq. ft to a maximum area of 20,000 sq. ft, providing flexibility to businesses of various sizes.
Manglam Signature Elite has already signed a leasing agreement with Westside, a leading apparel retail chain from the Tata Group, for the ground and first floors of the project.
Manglam Group has also recently launched the Manglam Rambagh Project, a luxurious residential project in Jaipur, with a significant investment of Rs 200 crore.
With 22,990 delivered units spanning townships, residences, and more, totaling 421.98 lakh sqft by March 2023, the group’ has 69 completed and 24 ongoing projects.
