Leading jewellery brand Kalyan Jewellers is planning to make a foray into the real estate market of Ahmedabad. The Rs 9400-crore company, which has 37 branches in six states of India, opened its 38th showroom in Ahmedabad on Sunday, Sep 16.
This is its first branch outside south India, which was inaugurated by its brand ambassador Amitabh Bachchan.
“After we consolidate our brand here, in two years we would be looking at foraying into real estate. Gold has traditionally been a sound investment whereas real estate is becoming the second best investment option. We would be following the same business model as we do in Kerala and will be looking at cater to both affordable living and high end luxury segment in real estate,” said T S Kalyanaraman, Chairman and MD of Kalyan Jewellers.
The group had announced its realty projects in Bangalore, Coimbatore, Chennai, Hyderabad, Calicut and Trivandrum.
For its jewellery business, the company will invest Rs 1000 crore this year in a bid to enter Maharashtra and Gujarat. After Ahmedabad, the group would be opening showrooms in Rajkot and Surat in the next six months.
