The revival of fortunes in the real estate sector is now seeing textile companies with huge land banks making a foray into property development . To date, most of the textile firms sold their land to developers. That is now making way for a different model where these firms would set up real estate companies.
Among the names are Bombay Dyeing, Golden Tobacco and Century Textiles. There has been a precedent with groups like Tata, Mahindra and Godrej having turned developers. The Tata group has Tata Housing and Tata Realty while Mahindra’s venture is called Mahindra Lifespace Developers. Godrej’s venture goes by the name of Godrej Properties.
Times of India