Mumbai: Vardhaman Developers will launch Mumbai’s first jewellery mall, ‘Jewel World’ and will build four similar malls with an investment of over Rs400 crore, according to Rajesh Vardhan, managing director.
“The investments in the four malls will be upwards of Rs400 crore and will be raised by the company through its own resouces,” Vardhan added. The malls will come up in the suburban Mumbai areas of Borivli, Mulund, Ghatkopar and Santa Cruz.
Jewel World, which proposes to be a one-stop-shop for all styles of jewellery in the traditional Zaveri Bazaar market is likely to have the most expensive lease rentals at Rs475 per square feet, almost double of what the general malls have.
The company expects the foray into jewellery retail to yield a Rs2 ,000 crore turnover in the first year of operations.