by THO
Bengaluru-based property developer Century Real Estate is expected to develop eight housing projects spread across an area of more than 55 acres over the next 18 months in the IT Capital, company director for sales, marketing and CRM, Maninder Chhabra, told HT.com.
“We bring in financial partners depending on the project,” Chhabra said responding to a query on the source of funding for these projects.
The eight projects, set to be launched in North and East Bengaluru, will offer home units priced over ₹1.4 crore.
The company did not disclose the anticipated revenue potential or the gross development value of these projects.
Also Read: Century Real Estate sells luxury homes worth ₹450 crore during pre-launch of project in Bengaluru
However, two of the eight projects – Codename Built Rare in Indiranagar and Codename UnbeLivable in Yelahanka have already fetched ₹650 crore into the company’s kitty during the pre-launch phase. The projects will be officially launched over the next two months.
Codename Built Rare is in fact slated to introduce a new pricing benchmark in Bengaluru’s residential realty market.
With a pricing bracket opening at ₹5.5 crore and extending up to ₹25 crore, the project is expected to fetch the realty player a total estimated revenue of ₹2,200 crore. The 8.5-acre project will comprise a total of 345 three and four BHK apartments, imperial units, townhouses, as well as penthouses, the company said.
“Luxury at the moment is the buzzword, and hence we felt this was the time to bring this parcel into the market,” Chhabra remarked.
To double revenue, foray into senior living category
Elaborating on the company’s financial targets, Chhabra revealed that Century is also looking to double its revenue in the ongoing financial year having clocked ₹1,024 crore in the first half of the fiscal.
“Last year we crossed ₹1,000 crore of turnover. This year, we have plans to double that, to take that to ₹2,100 crore. We’ve already crossed last year’s number as of H1,” he said.
Chhabra added that the company, which has been consistently doubling its revenue year after year, aims to repeat the trend in the next financial year as well by strategically utilising its land bank and entering into joint development agreements, when required.
Interestingly, the company has been a supplier of land parcels as part of joint development projects with well-known brands such as Prestige Estates, Brigade Enterprises and so on.
Century Real Estate, which still sees room for growth and opportunity within Bengaluru and the residential segment alone, is keen on exploring a modest project in the senior living category in the coming financial year, Chhabra said.
Responding to a query on plans to make a market debut, Chhabra said that the company will consider a public listing post entry into the top three club within the Bengaluru market.
Also Read: Prestige Group buys 17.45 acres land in Bengaluru for ₹462 crore, to develop a housing project
