Leading diamond jewellery player, Gitanjali Group, which recently forayed into the real estate biz, is eyeing Rs 525 crore from its two realty projects by the next 30 months.

Under its wholly-owned arm Gitanjali Infratech, Gitanjali Group is building up about 8-lakh sq ft of land in suburban Mumbai that consists of a luxury residential project.

Mr. Mehul Choksi, Gitanjali Group's Chairman and Managing Director, stated, ''We plan to develop around 4-lakh sq ft space each in Andheri East (commercial) and Borivali (residential). We are expecting around Rs 125 crore from the Andheri project, and around Rs 400 crore from the residential one.''

But, Mr. Choksi stated that the proceeds would flow-in only after the period of 24-30 months as the properties would take time to be formulated.

At present, out of the 4-lakh sq ft region in Andheri around 1-lakh sq ft is being developed.

Mr. Choksi said that the company is in the course of opening up the value of the remaining space.

The group has thus far invested Rs 100 crore in the real estate biz.