Bengaluru-based Century Real Estate is targeting to sell properties worth Rs 1,000 crore during the current fiscal as it plans to launch several projects to encash strong demand for residential properties.
Century Real Estate Holdings Pvt. Ltd., established in 1973, has over 3,000 acres of land bank and over 20 million square feet of residential and commercial assets under construction.
In an interview with PTI, Century Real Estate Managing Director Ravindra Pai said the company entered the real estate development in 2007 and has so far delivered over 3,000 apartments across 19 projects.
He said the company has done roughly around 600 acres of plotted developments translating to about 3,500 to 4,000 plots.
"Primarily, our focus has been on ramping up the residential vertical. All the projects launched by us are close to completion. Covid gave a good boost in terms of sales. Sales have been fairly good in the last two years for plotted, residential mid-market as well as for the high end," Pai said.
He said the company in April had launched a residential project 'Code Name New You' comprising 234 apartments.
In June, the company launched 'Century Eden Prime', a premium plotted development project, and it sold out 75% of the new plots in just 10 days.
Pai said the company has plans to launch multiple residential projects, including group housing and plotted development projects, for the current fiscal. The company will launch new phases in existing projects as well as new projects.
Asked about sales booking target for 2023-24, he said, "In FY'2024, we are expecting to touch Rs 1,000 crore in sales."
On commercial real estate, he said the company ventured into the commercial segment just two years ago. "Our first project is a Grade A development of around 2.25 million square feet. The first tower is ready, which is around 7 lakh square feet, and we have done it in partnership with Godrej Fund Management."
The construction has commenced on the other two towers. "We are also doing a joint venture with Prestige Group in Hebbal. This is another 2.4 million square feet of development. We have just received the approval and are expecting to break ground in the next couple of months. The land will be ours, and they will bring the money for construction. We will develop it together," Pai said.
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