The Hindu Business Line : Skyline delivers 22 residential projects in 2008

Kochi, Dec. 31 The Kochi-based Skyline Builders, one of the leading home builders in Kerala, has set a record by delivering 22 residential projects in the State in 2008.

Addressing a press conference here, Mr Abdul Azeez, CEO, Skyline Builders said that this is for the first time in the history of real estate industry in the country that 22 housing projects are delivered in a single year in a land stretch of nearly 400 km length. In all, the company had completed a total of 1,280 homes, covering 2 million sq ft built up area and delivered in one year, he said.

At present, 21 projects are in various stages of completion and of this, 8 projects will be delivered in 2009, he said. Skyline is about to launch three brand new projects in different parts of the State. The company, since 1989, has developed 7.5 million sq ft area, coming under 82 completed projects. Skyline, which is an ISO certified company, had also earned highest Crisil rating of ‘DA3+’ among Kerala builders. The turnover is expected to touch Rs 450 crore by the end of the current fiscal from the present Rs 250 crore, he said.

Referring to the recession in the real estate sector in the country, Mr Azeez expressed the hope that there would be an upward trend after the first quarter of the next financial year considering the shortage of housing in the country which is estimated at 2.5 crore. However, the housing sector in Kerala is not affected by the slowdown as 80 per cent of the customers are NRI buyers.

He also pointed out that prices of residential projects would not come down because the material and labour costs are high in Kerala compared to other States. He said that 40 per cent of the construction cost constitutes labour, which perhaps will not come down.

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