Mangalam Group, based in Rajasthan, is set to invest Rs 150 crore in the development of a commercial project in Jaipur. Spanning 310,000 sq ft, the project will allocate approximately 25% of the area for retail space, while the remaining portion will house offices. Gupta, also the founder president of CREDAI Rajasthan women's wing, expressed optimism about Jaipur's potential as a lucrative investment destination for tier 2 cities, citing the project's prime location.
The commercial venture, named Manglam Signature Elite, is slated to be operational by June 2024 and is expected to contribute to the group's sales, targeting Rs 200 crore by 2024. With 75% of the project area already booked, the venture has garnered significant interest from local and nearby city investors.
Offering versatile spaces ranging from 735 sq ft to 20,000 sq ft, Manglam Signature Elite aims to accommodate businesses of various sizes. Notably, the project has secured a leasing agreement with Westside, a renowned apparel retail chain under the Tata Group, for its ground and first floors.
In addition to this commercial endeavor, Mangalam Group has launched the Manglam Rambagh Project, a luxurious residential development in Jaipur, with an investment of Rs 200 crore. With an impressive track record of delivering 22,990 units across townships and residences, totaling 421.98 lakh sq ft by March 2023, the group boasts 69 completed projects and 24 ongoing ventures.
