Investment Of Rs 1,100 Crore By Century Real Estate For Low Cost Home
Century Real Estate which has a huge land bank in Bengaluru, will enter affordable housing segment and invest Rs 1,100 crore to develop 7,000 homes in the next five years.
Century Real Estate also plans to launch about 1,350 plots next year in two projects and expects a sales realisation of about Rs 600 crore, its managing director said. They have more than 3,000 acres in Bengaluru and their aim is to monetise land parcels at best price.
In 2018, Century Real Estate plans to launch four affordable housing projects in Bengaluru comprising 4.5 million sq ft of developable area and about 7,000 apartments. The projects would be executed in the next five years.
Asked about the investment, he told they already have the land for these projects. The construction cost would be about Rs 1,100 crore.
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, there would be little investment for infrastructure development.
Last week plans to develop 7 million sq ft of commercial projects in Bengaluru over 6 years has been announced. And also the company was in talks with private equity investors to raise Rs 1,000 crore.
In February next year, the company will start development of one million sq ft area involving construction cost of Rs 350 crore. With the real estate sector facing multi-year slowdown particularly, housing, developers are focusing on office projects which are doing better and attracting huge investment from domestic as well as foreign funds.
Century Real Estate has so far completed about 15 projects comprising 3,000 apartments and 2,000 plots. It is currently developing 10 projects.
Century Real Estate was founded in 1973 as land aggregator and facilitator. It has provided land to almost all the big developers in Bengaluru. It became real estate developer 10 years ago and started doing projects on its own.
Source Link- https://economictimes.indiatimes.com/news/brandwire/services/property-construction/century-real-estate-to-invest-rs-1100-crore-in-low-cost-homes/articleshow/62006010.cms