Ahmedabad-based real estate major Shaan Group of companies will invest Rs 500 crores over the next three years. The programme is as follows --- a five-star hotel to be built by putting in Rs. 250 crores, an entertainment zone at a cost of Rs. 50 crores (both the projects to come up on SG Highway) and development of land and residential colonies with an outlay of Rs. 200 crores in Mumbai and Ahmedabad.

“Considering the present market scenario, we have realised that it is not the right time to market properties. We have decided to focus entirely on developing land and properties for the next two to three years. Shaan Group will invest about Rs 500 crores in the days to come,” Sejal Shah, MD, informs.

The company has also received the approval from the state government to develop an integrated township on 175 acres in Ahmedabad. In the past, this group also constructed Gallops Mall and a multiplex at SG Highway.

Shaan Group is a privately- held diversified major with core interests in real estate, hospitality, development and construction, oil and chemicals, financial services and investments with ownership of freehold land of over 50 million sq ft in Gujarat and Maharashtra.