Project Today reported that Patel Engineering is planning to enter into the realty and build commercial and residential property, IT parks and SEZs over the next three-years.

As per report Patel Engineering's wholly owned subsidiary, Patel Realty is expected to manage the real estate business.

The first project will be 80,000 square feet commercial property at Jogeshwari in Mumbai which will be leased out. The company also plans a 1 million square feet commercial development at Jogeshwari which is to be ready by the fourth quarter of current fiscal.

Patel Realty is also expected to develop 1 crore square feet residential and commercial property in Bangalore where it proposes to set up two SEZs for IT and ITeS companies. The company hopes to complete the project by 2012.

(Sourced from Project Today)