Casagrand has forayed into the commercial real estate segment with plans to invest Rs 8000 crore over the next five years.
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The commercial development will be undertaken under its subsidiary company Casagrand Commercial. The company aims to develop 10mn sq ft of commercial and retail spaces by 2027, which has an estimated rental potential of Rs 900 Cr annually.
Casagrand has forayed into the commercial real estate segment with plans to invest Rs 8000 crore over the next five years.
The commercial development will be undertaken under its subsidiary company The company aims to develop 10mn sq. ft. of commercial and retail spaces by 2027 which has an estimated rental potential of Rs 900 Cr annually.
The company plans to launch 2 million sq. ft in Chennai and intends to acquire 100 acres of land parcels across the South for commercial development. >?
"Casagrand Commercial will develop commercial projects in Bengaluru, Hyderabad, and other metro cities accounting for 40% of the total investment," he said.
Casagrand Commercial has on-boarded experts from various fields like product development, purchase, engineering, sales, marketing, and finance, among many others.
?Last year, US-based alternative investment fund Varde Partners made a Rs 400 crore investment in real estate developer Casagrand to purchase land for development. The builder also received funding of Rs 1200 crore from international investors like Apollo Global and KKR
The residential real estate firm also plans to add 25 million square feet by 2024 to achieve a sales target of Rs 4550 crore this fiscal, as compared to Rs 2300 Cr last year.