The company plans to invest Rs 5000 crore in the residential real estate market, in which it will invest Rs 3000 crore, Rs 1250 crore, and Rs 750 crore in Chennai, Bangalore, and other residential markets, respectively.
New Delhi: Casagrand a renowned builder of South India is planning to launch its IPO next year. Arun Mn founder and managing director of the company said the company has appointed Motialal Oswal and JM as a banker for IPO.
International investors like Apollo Global and KKR recently funded Rs 1200 crore to Casagrand.
The company plans to invest Rs 5000 crore in the residential real estate market, in which it will invest Rs 3000 crore, Rs 1250 crore, and Rs 750 crore in Chennai, Bangalore, and other residential markets, respectively. With an initial investment of Rs 1500 crore, Casagrand is planning to get a stronghold in Bengaluru and also enter Hyderabad real estate market. These two markets will provide 35% while Chennai will drive 65% of the total company’s revenue.
To grow further in the business, Casagrand plans to achieve a total land parcel of Rs 10,000 crore potential turnover. The company has already achieved a total land parcel of Rs 6,000 crore worth of turnover in its last financial year.
Meanwhile, Casagrand is looking at Rs, 3,750 crore sales in this financial year which is more compared to last year’s sales target of Rs 2,300 crore. The company is also planning to establish its office in the USA and Dubai.
With its investment, the group will develop affordable projects and mix-luxury apartments, villas that have an average ticket size of Rs 85 lakh. However, Casagrand is likely to give more attention to affordable projects that provide houses ranging between Rs 25-45lakh. Additionally, the group is planning to add 25 million sq. ft. by 2024 to its portfolio.
The company’s co-living space project Staylogy is also increasing its capacity to 2,000 beds in the next three years. In a statement added, the group would continue its focus on its five million square feet of rent yielding properties and office spaces.
Published by- Ankit Sharma