The Rs 1,000-crore textiles-to-real estate major, Bombay Dyeing, will

develop eight lakh sq ft of property on its surplus land in Mumbai. The

company will construct a high-rise building for commercial and residential

use. "We will commence construction of a high-rise tower in two months. The

entire project will be sold off in the next 24 months," chairman Nusli Wadia

told shareholders at the company's AGM.

Although it would be difficult to fix a value for the upcoming project, real

Estate market sources said the company could earn a few thousand crores.

However, the value will depend on the state of the real estate market, which

Has shown signs of weakness of late.

                                                                   Courtesy:- ET dtd:- 5th Sep 2008