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Bombay Dyeing Company making its foray Into the real estate sector with the brand name Bombay Realty

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The Real Estate representatives told the NBTV sources that the highly reputed Bombay Dyeing Company which witnessed a very poor projection in the textile division, of late, is expected to spawn over 50% of its collections this fiscal year and three quarters in the coming five years. The Managing Director, Jeh Wadia, of the Bombay Dyeing Company told the sources that the will put their sincere efforts to ensconce themselves in the Real Estate segment. This was statement was made by him to the sources at the time of his taking the reins of the erstwhile branded textile company in a reorganization of the Management this year. The sources further added that the Wadia Group and Bombay Realty, the Group’s subsidiary possess about 10,000 acres extending across the nation which includes 700 acres of chief land in the fiscal Headquarters of Mumbai having been possessed by them at a throwaway prices during 1800s and 1900s by group companies viz., Bombay Burmah, Bombay Dyeing, Britannia and the present and previous supporters of the company. The fact is that the 132-year old Company’s renovation into a land company portends a bonanza to the shareholders of the Company.
The sources further add that the wing of the Real Estate started with fractional land growth at Spring Mills at Dadar, during 2005-06. Despite a long hiatus in the commencement of hectic operations, a serious drive is anticipated from this financial year. The revenues generated in the last financial year amounts to only a quarter of its revenue share of Rs.1, 950 Cr. was realized from the Real Estate. The sources further added that they are starting four more ventures extending over 180 Acres by the end of March which includes ventures at Dadar and Worli, extending over 70 Acres in the islet city of Mumbai and 100 acres in Mumbai mainland, according to Wadia. Wadia also told the sources that while Bombay Realty will be active as a contractor, the ownership of the terra firma remain with the group companies. Subsequently, through growth agreements, all other companies will strive in the progress of their business along with Bombay Realty.
Source: Press Trust Of India

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