Financial Daily from THE HINDU group of publications
Monday, Nov 24, 2003
Financial Daily from THE HINDU group of publications Monday, Nov 24, 2003 |
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Corporate
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Outlook Ceebros eyes Rs 100-cr turnover this year Our Bureau
Chennai , Nov. 23 CEEBROS Property Development Pvt Ltd, which develops properties mostly in the upper end of the market, hopes to end this year with a turnover of Rs 100 crore. Its turnover last year was about Rs 75 crore, according to Mr C. Subba Reddy, Managing Director, Ceebros. It has on hand projects totalling about eight lakh sq ft, including an 80,000 sq ft commercial project on the busy Nungambakkam High Road, a one-lakh sq ft residential building on Village Road, a 90,000 sq ft residential project on Police Commissioner's Office Road in Egmore, and a three-lakh sq ft residential project in suburban Valasarawakkam. Mr Subba Reddy expects all these projects to be completed in the next 12 months. Ceebros recently purchased in an auction a 47.63 ground property in the upmarket Bishop Garden area in Raja Annamalaipuram from the Income- Tax Department for Rs 22.15 crore. It plans to construct 70 deluxe apartments, work on which is expected to begin in February 2004. The project is expected to cost about Rs 40 crore, including the land cost. Ceebros is in the process of finalising how it will do it - by itself or jointly with somebody else. Each apartment will be about 2,500 sq ft and Ceebros expects a price of around Rs 3,000 per sq ft. According to Mr Reddy, Ceebros completed a major project in suburban Virugambakkam last year - a total of 384 two- and three-bedroom apartments of 900 sq ft to 1,200 sq ft. "This was a success and prompted us to go for the project in Valasarawakkam." For the Virugambakkam project, Ceebros got a price of Rs 1,200 a sq ft and it is hopeful of being able to sell the flats in Valasarawakkam for Rs 1,300 a sq ft. He said that Ceebros concentrated on the upper end of the residential market - apartments in excess of 1,500 sq ft in area, which commanded a price of Rs 2,250 a sq ft. It either took up the projects on a joint development basis with the property owner or did them on its own.
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