Sowparnika Hopes Double Portfolio & Touch Rs 1,000 Crore By 2022

Sowparnika now plans to expand its presence to cities such as Chennai, Tiruchirappalli, Mangalore, Hubli, Dharwad, Calicut and Kannur.

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Sowparnika Hopes Double Portfolio & Touch Rs 1,000 Crore By 2022

Affordable housing player Sowparnika Projects and Infrastructure hopes to double its portfolio to 10 million sq ft and touch Rs 1,000 crore in revenue by 2022, a top company official said. Bengaluru based firm, which currently has a portfolio of around 5 million sq ft across 27 projects, clocked revenues of Rs 230 crore in 2016-17.

Read Also: South Korea to help for Affordable Housing Bengaluru Mumbai Delhi

The company’s Managing Director told, their focus is predominantly the southern market where the demand for affordable housing is quite significant. Being an affordable housing focused developer, they are looking at expanding their presence in tier 2 and 3 cities.

Currently, the company has projects in cities like Thiruvananthapuram, Bengaluru, Mysore, Guruvayoor, Kottayam, Thrissur, Cochin and Coimbatore. It now plans to expand its presence to cities such as Chennai, Tiruchirappalli, Mangalore, Hubli, Dharwad, Calicut and Kannur. He further said the company is also looking at launching its initial public offer (IPO) by 2022.

Read Also: Bengaluru Affordable Housing Rs 1 Lakh Flat under PPP Model

The dynamics of Indian real estate sector is changing with the renewed focus on affordable housing. Company is witnessing an improvement in investor sentiment and by 2022 they will launch IPO.

Sowparnika will raise through debt as and when required. It could be through NBFCs and/or from international funds. Since all the projects are done in-house from designing to execution, they are able to provide homes at affordable rates.

Read Also: 45% Homebuyers Looking To Purchase After RERA, First Quarter Of 2018

With its headquarters in Bangalore, Sowparnika Projects is a leading real estate developer in the Southern part of India. They have 5000+ satisfied customers, 30+ completed projects, 25+ ongoing projects, 30+ lakh sq ft developed, 35+ lakh sq ft under development and a strong presence in 3 states namely, Karnataka, Tamil Nadu and Kerala.

Source Link- http://www.business-standard.com/.

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