MS Ramaiah Developers and Builders (MSRDB), a Bengaluru-based real estate developer that started commercial and retail businesses in 2012, plans to scale up its annual construction from the existing 1.5 million to 3.5 million square feet by the end of FY23, according to Raksha Ramaiah, a director of MSRDB.

For this year, MSRDB has signed three hospitality projects in Bengaluru, which would be about 2 million sq. ft. of commercial development and about 1.5 million sq. ft. of retail development, Ramaiah added.

The company is also expanding its business beyond Karnataka, with two projects in Goa and Andhra Pradesh.

“In Goa, we are developing a residential and hospitality project spread over six acres of land, with an investment of Rs 750 crore. This will be completed by FY24,” Ramaiah told BusinessLine. The project in Andhra Pradesh is for building a 900-acre medical city. “It is in partnership with the medical fraternity and would be completed in 2028,” he added.

With the company sitting on unsold inventory, Ramaiah says that slowing its residential expansion is a strategic move. “We have slowed down the residential arm since we have about 2,500 flats in unsold inventory. Hence, the focus is on both the commercial and retail arms.”

In Bengaluru, it is also building a Rs 1,200-crore entertainment and hospitality project close to the airport, spread over 900,000 sq. ft. He said, “We’ve got hotels, concert venues, shopping outlets, food and beverage, and so on. Today, you will see mainly residential projects around the airport area, with little focus on the commercial side. So, we believe it will be a good opportunity for us.”

In its three-year plan, MSRDB aims to have 8 million square feet of development. “So, our ideal business for the company is not to develop beyond 3 to 5 million square feet annually,” added Raksha. MSRDB has three businesses – residential, commercial, and retail.