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Hyderabad-based real estate developers Ramky Estates and Farms is set to re-enter Bangalore with planned launches of about five million sq ft this year.
The first of the developments will be a seven-acre residential project that the company launched in Bangalore on Thursday.
“We are looking at five million sq ft development in the next one year at a project cost of about Rs 1,000 crore,” said Mr M. Nandakishore, Associate Vice-President, Ramky Estates and Farms.
The first project would see development of 750 apartments in the 837-1,337 sq ft range. At an introductory price of Rs 2,550 a sq ft, the apartments would cost anywhere between Rs 22 lakh and Rs 38 lakh.
“We are looking at this segment strongly, and our future projects too, including villa projects, would be in the affordable segment only, targeting the middle-class salaried group,” he said. Phase 1 of the project comprising 312 units is expected to be completed in 30 months.
Funding
On funding for the planned projects, Mr Nandakishore said that they would be met through equity and debt components along with internal accruals.
According to him, the company has a land bank of about 75 acres in Bangalore, and is also in the process of finalising land deals for future projects.
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