Ramky Estates & Farms Ltd, part of the Ramky Group, a diversified infrastructure developer, has planned a series of mixed use townships, exclusive residential housing projects, while making entry into the middle income housing category.

“We expect to invest up to Rs 1,000 crore on nine new projects which entail development of 9.8 million square feet of built-up area.

“This is in addition to 5 million square feet under various stages of development in Hyderabad, Chennai, Bangalore, Visakhapatnam and Warangal,” said Mr M. Nanda Kishore, Executive Director of Ramky Estates.

Addressing a press conference, Mr Nanda Kishore said the company has partnered with local land owners to expand its footprint across major cities in the country.

As a part of this initiative, Ramky is finalising plans for projects in NCR, Kolkata, Indore and Mumbai (Panvel).

All the projects have been funded through internal accruals, debt and money paid by the customers. “In the near future, we expect to invest up to Rs 200 crore. When the market conditions get better, we may look at raising some funds trough a private equity deal. Last year, we closed with revenues of Rs 160 crore and are likely to end with Rs 250 crore turnover this year,” he said.

The company's Ramky Towers Elite, being developed on a 8.63-acre site in Hyderabad, is targeting top executives with its exclusive apartments and duplex houses priced in the range of Rs 95 lakh-Rs 1.6 crore in different formats. “We are also looking at taking up housing projects for the middle income group,” he said.

DISCOVERy CITY

“The design work for the mega mixed use township project ‘Discovery City' close to the new international airport has been completed by a US firm. The project, coming up in over 600 acres, is likely to take about seven years to develop,” he said.

vrishi@thehindu.co.in

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