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Gems and jewellery SEZ for Goregaon
Divya Trivedi
Mumbai, July 10 The first Special Economic Zone for gems and jewellery in Mumbai city has been sanctioned by the inter-ministerial Board of Approvals to real estate developer Royal Palms Estate.
Spread over 10.1 hectares of area at Goregaon, the SEZ will house 800-1,000 units to come up within the next 12-14 months, Mr Muhamed Nensey, Managing Director, Royal Palms, told Business Line here.
The company is inviting small to medium manufacturers of gold and diamond jewellery and have had 30-40 enquiries since the June 5 approval.
The units will be of varying sizes, starting from 2,500 sq feet.
The ‘Gem City’ will see an investment of Rs 400 crore raised through internal accruals and debt.
“The market for gems and jewellery in India is very big and the US and European clients of the manufacturers will contribute to exports,” said Mr Nensey.
“Unlike other SEZs, this will be 100 per cent unit-based. Residences, hotels and service apartments will be provided around the SEZ. A shopping centre is also coming up on our property in the vicinity,” he added.
The design for the building has been assigned to Singapore-based M A Architects.
Royal Palms has also got an approval for its IT and ITES SEZ to come up on 21.7 hectares of land in Goregaon.
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