Atlas Jewellery group foraying into realty

The Gulf based NRK Atlas Jewellery Group, is diversifying into real estate, and plans to invest about Rs 1,000 crore in Kerala in the next two to three years.       

The group has planned three projects — two in Kochi and one in Kozhikode, Chairman, M M Ramachadran, told reporters here last night.    

Atlas has carved out a niche for itself in the jewellery and health care industries across Gulf countries and is getting ready to invest rs 1000 crore in housing construction, multiplexes and commercial complexes in the state. It has formed three companies for this purpose — AtlasGold Townships India, R I Kanth and Atlas Golden Land & Developers, he said.      

The group's first real estate project — Celestial Park is coming up at near the Nedumbassery airport. The Rs 50 crore project will have one, two and three bedroom luxury and duplex apartments complete with mini super market, multi gym, Yoga centre, beauty parlour, restaurant, cab on call, restaurant with room service.    

The project, which will have 250 apartments, will come in one acre area and will have seven floors and would be handed over by June 30, 2011. The single bedroom will have 550 square feet, two bedrooms — of 820 sq feet and 1,100 sq feet and three bed apartment would be 1,488 sq feet. The pre launch offer price is Rs 2,700 per sq feet, he said. 

Already 50 bookings have been completed.Among their other projects in the offing are a multiplex of 6 cinema houses, 200 shops and 150 luxury apartments. The group's investment would be Rs 400-500 crore.     

Atlas would also be constructing flats and villas at nearby Kakkanad in a 10.5 acre area, with an investment of Rs 500 crore.    

The recession has not affected Atlas, he said.    

Atlas Jewellery , established by Ramachandran in 1981 in Kuwait, is the only group with jewellery in all the GCC countries, including UAE, Qatar, Oman, Bahrain and Saudi Arabia. It has over 50 branches in addition to two jewellery outlets at the Cochin International Airport Duty Free.    

The Atlas groups has forayed into medical centres, laboratories, pharmacy, studio, advertising and Television production.