Essar Group-promoted Equinox Realty — which until now developed only ‘captive' residences, that is, those for group companies — will start building residences for the general market with the launch of a project in Bangalore early next year.

The company already has 8 million sq ft of residential projects for employees of group companies under various stages of development.

The first project, Water's Edge, will see an investment of over Rs 500 crore, with about 400 upscale residences across five 40-storey towers. According to Mr Cherag Ramakrishnan, Chief Executive Officer, Equinox Realty, the project in Bangalore would be spread over 7.6 acres in Hebbal, for which land has already been acquired. “We are planning to launch the project in mid-January,” he said, adding that the soft launch, which is by invitation only, would happen soon.

Besides, the company is currently acquiring land in the Bangalore suburbs for future projects, “which would be in the Rs 50 lakh to Rs 1 crore price segment”, he said. “We are looking at mixed-use developments and want to have a good pipeline for the next six-seven years,” he added. Mr Ramakrishnan pointed out that the group has committed Rs 4,000 crore as capital for its realty arm.

Equinox Realty also plans to launch its second residential project in Thane, near Mumbai, which will see development of 1 million sq. ft, a year later. The company is already developing a commercial project — Equinox Business Park off Bandra-Kurla Complex in Mumbai at an investment of about Rs 1,800 crore.

Cities such as Chennai, Hyderabad, Pune and Gurgaon are also on the company's radar, “but we want to start delivering in Bangalore and Mumbai, before we enter these markets”, said Mr Ramakrishnan, indicating that it would be three to five years before the company launches projects in these cities.

The company currently has 14.5 million sq. ft under various stages of development.

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