New Delhi; Dec.16: The Burman family, the promoters of the Dabur Group, has forayed into real estate development in London and Miami through Elephant London, a company floated for the purpose.
In London, the venture is focusing on the secondary and tertiary real estate category areas where valuations are relatively low.
"I have been in London for over 30 years, my family keeps coming to London so it made sense for us to do something in London," said Gaurav Burman, who runs Elephant London.
For its second project in London, the company has acquired an old movie studio on Cabul Road, which is close to its first project location.
The Burmans have been involved in real estate in India for some time now. In 2008, VC Burman entered into a joint venture with Singaporean IT park specialist Ascendas to develop a 70-acre IT SEZ in Gurgaon on Sohna Road which will eventually house 5 million sq ft of office space. He also owns land on NH-8 which will be developed subsequently.