Domestic pharmaceutical giant Alembic has forayed into real estate with the launch of Alchemy Real Estate. Alembic which is the oldest pharmaceutical company of India while announcing the launch of this new company stated that Mr. Udit Amin, son of Chirayu Amin, the chairman and managing director of Alembic, would be the CEO of Alchemy Real Estate.
Alembic had disclosed about its intention to join the real estate sector in June this year when it was announcing about its de-merger plans. According to company sources its real estate company would be developing commercial as well as residential properties. Its first project which is located on Alembic Road near Bhailal Amin hospital overlooking Alembic cricket ground is a residential one named Shangri-La.
Company officials while making announcements about its real estate plans disclosed that at present Alembic owns over 100 acres of land and it plans to utilize 50 acres for its real estate projects. The first project is being jointly developed by Alchemy and another group company under its de-merger plan. Being developed on six acres of land, the first project which is a residential one will have 11 towers each having nine floors. There will be a total of 396 apartments divided into 2BHK, 3BHK and 4BHK flats.
Alembic had disclosed about its intention to join the real estate sector in June this year when it was announcing about its de-merger plans. According to company sources its real estate company would be developing commercial as well as residential properties. Its first project which is located on Alembic Road near Bhailal Amin hospital overlooking Alembic cricket ground is a residential one named Shangri-La.
Company officials while making announcements about its real estate plans disclosed that at present Alembic owns over 100 acres of land and it plans to utilize 50 acres for its real estate projects. The first project is being jointly developed by Alchemy and another group company under its de-merger plan. Being developed on six acres of land, the first project which is a residential one will have 11 towers each having nine floors. There will be a total of 396 apartments divided into 2BHK, 3BHK and 4BHK flats.
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