Provogue India Announces Foray into Real Estate Development
Provogue India, a prominent apparel brand in India, revealed its ambitious plans to diversify into the real estate sector on Friday. Through Prozone Enterprises, its joint venture partner, the company intends to develop a substantial 300,000 square foot property in Aurangabad. This significant undertaking is slated to commence in October 2010.
A Mixed-Use Development Approach
Managing Director Nikhil Chaturvedi elaborated on the project’s scope, indicating it will encompass a combination of residential units and retail mall space, creating a dynamic mixed-use development that caters to a broad range of needs. The company is also preparing to initiate three additional residential projects positioned in Coimbatore, Nagpur, and Indore before the end of this year.
Expansion Plans Beyond Real Estate
In addition to its real estate endeavors, Provogue also aims to bolster its retail presence. The company outlined plans to establish 75 new stores nationally during the 2011 financial year, representing a significant investment of 35 crore rupees. This dual expansion strategy underscores Provogue's commitment to growth and diversification across various sectors.
A Growing Trend Among Textile Companies
Provogue India is not alone in its pursuit of real estate opportunities. Other prominent textile companies, such as Century Textiles, Alok Industries, and Bombay Dying, are also exploring real estate development or sales as a result of increased demand and rising land values in a thriving economic landscape. This trend reflects a strategic move within the textile industry to capitalize on the potential of real estate investment.