Century Real Estate Invests Rs 1,100 Crore On low Cost Homes In Bangalore.
Century Real Estate has bigger plans this time to offer low cost homes to people in Bengaluru. The investment would be around Rs.1,100 crore for this project and more or less, 7,000 houses will be built in the next 5 years approximately. Mr. Ravindra Pai, the Managing Director also said that the company is expecting to launch about 1,350 plots next year in two projects and expects a sales realisation of about Rs 600 crore.
Currently, Century Estate has around 3000 acres of land parcel in the city of Bengaluru and is hoping to monetise the parcel at a best price. Next year sometime, the company has plans to launch 4 affordable housing projects in different parts of the city which will have a land area of 4.5 million sq ft collectively. According to Ravindra, the project would be completed within the next 5 years.
About 6,000 flats, located in north Bengaluru, will be sold at Rs 35-40 lakh. On plotted development in two projects comprising about 70 acres of land, he said there would be little investment for infrastructure development.
Over the next 6 years, Pai had announced last week that a 7 million sq ft of commercial projects across the city will be started to be completed in 6 years. In relation to this, the company is already in talks with several equity investors to raise Rs.1000 crore. Having said that, he added that the company earlier raised funds from Kotak, Piramal, JM Financial, Xander and others to develop projects. Sometime in February 17, the company will start development of one million sq ft area involving construction cost of Rs 350 crore.
Now that the residential segment has slowed down a bit in the recent years, the commercial segment is set to pick up real fast. The company has so far completed about 15 projects having a total of 3000 apartments and 2,000 plots. It is currently developing 10 projects. The company was found in 1973 and grew up slowly as a land aggregator and facilitator. It ventured into construction a decade back.
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