Indian conglomerate Kanakia Group plans to invest more than INR500 crore over the next two years for developing residential and hotel properties. Economic Times, quoting Kanakia Group chairman Rasesh Kanakia, said in its report that the INR500 crore investments will be utilized for buying land parcel and construction.

Kanakia Group has a real estate portfolio of over 13 million square feet across categories including residential, commercial and hotel properties. The company currently has 13 lakh square feet of residential space under development and 15 lakh square feet in the commercial segment, the report said.

The Mumbai-based conglomerate has two hotels in its portfolio, Novotel in Ahmedabad and Courtyard Marriott in Mumbai. Kanakia Group also has land parcels in Panvel and Virar and plans to expand its presence in the regions, Economic Times said.

Kanakia Group is currently developing Hyatt Place, a 150-room hotel in Goa. It has invested INR150 crore for the development of the hotel, the report said.