Rajesh Exports Ltd, the country's largest manufacturer of Gold & Diamond Jewelry has postponed its real estate development plans by at least 18-24 months on concerns over slowdown in property demand.

A top company official said, "This is not a wise time to get into real estate business. We will not get into construction activities for the next one-and-a-half to two years."

According to an estimate, the current land bank of the company is about 100 acres in Bangalore and parts of Kerala, excluding additional 200,000 square feet developable area in the central business district of Bangalore.

During giving clarification on rumours, the company official said that the company has no intensions to sell its land bank as it plans to pursue its realty plans once property demand picks up.

It may be noted that in August, the company had said the value of land in hand was pegged at 8-9 billion rupees and was expected to rise to 14 billion rupees after development.

Faced with a slowdown, Rajesh Exports has also shelved plans to expand its retail network during the current financial year.

Technical analysts believe that the Rajesh Exports' stock, which trades at 4 times its expected FY-09 earnings per share, could offer decent returns from current levels.

Interested investors may enter at present level in the stock, by keeping in mind, a mid to long-term investment perspective. The scrip closed on Friday at Rs 25 on BSE.