Shilpa Shetty enters real estate; Launches Groupco
Mumbai- Bollywood actress, Shilpa Shetty has launched a real estate company “Groupco Developers” in partnership with Hem Tejuja to develop housing projects in collaboration with landowners across the country.
Hem Tejuja, a first generation entrepreneur is also a partner in Shilpa’s online property brokerage business. Groupco Developers is an equal sharing joint venture which mainly targets middle class segment. Shilpa holds her stake through Kundra Constructions which is a joint venture between her and husband Raj Kundra.
The company will launch its first two residential projects in Navi Mumbai and Lothal (near Sanand) in Gujarat. The projects will have saleable area of around 1 million sq ft in Navi Mumbai and 150 acre project at Lothal. The Navi Mumbai portfolio includes a 75,000 sq ft project in Taloja and 60,000 sq ft saleable space in Kharghar. The company aims to earn a revenue of around Rs 700 crore in the next three years through its residential projects.
She holds a position of chairperson in the company and aims to follow asset-light model. In this model, the company will form alliances with local developers on revenue share basis and will keep the major stake with itself.
Tejuja, managing director of Groupco Developers says that a special project vehicle will be formed for each project. The responsibility of land parcels and approvals would be carried out by the local partners of the company. The execution and promotion part will be taken up by the company.
Shilpa Shetty wants to serve the middle-class segment through this company. She is also an owner of IPL Rajasthan and counts on health and wellness. She has been running a chain of spas, monetising power yoga and has even launched a portal for group buying in the real estate sector.
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