Mumbai: Vardhman Developers, which is set to launch Mumbai’s first jewellery mall— Jewel World —will build four more such malls, investing more than Rs400 crore, a top company official said.
“We hope to launch Jewel World by June and are planning to build four more jewellery malls in Mumbai before we start expanding in India,” Vardhman Developers managing director Rajesh Vardhan said. “The investments in the four malls will be upwards of Rs400 crore and will be raised by the company through its own resources.”
The malls are likely to come up Mumbai suburbs of Borivli, Mulund, Ghatkopar and Santa Cruz. Jewel World, in the Zaveri Bazaar market, probably has the most expensive lease rentals here. “The lease rentals for Jewel World is Rs475 per sq. ft, almost double the general malls and a tad more than the high-street malls,” he said. “With conservative estimates, we expect Jewel World to witness a Rs2,000 crore turnover in the first year of operations.”
The mall has been built in association with Bherumal Shamandas Jewellers.