Hyderabad-based Ramky Estates and Farms Limited (REFL), the real estate and property development arm of the over Rs 3,000-crore Ramky Group, is investing Rs 1,700 crore in various projects encompassing a built-up area of 5 million sft down south, even as it is looking at entering newer markets like eastern India during the next financial year.
“The nine new projects at Bangalore, Chennai, Hyderabad and Warangal are currently under execution, which will be funded through a mix of equity and cash flows from customer advances,” M Nanda Kishore, executive director of REFL, told mediapersons here on Wednesday.
REFL, which has been into the property development business for over 16 years now, had so far completed close to 5 million sft of residential and commercial space, and malls and multiplex ventures. The company currently has 9.8 million sft worth of projects in planning and pre-approval stages, which would be completed in the next five years.
Stating that huge land banks of nearly 850 acre were available with REFL for immediate exploitation in several cities, Kishore said the company was in the final stages of negotiations with land owners in Bhubaneswar and Kolkata for developing integrated townships there. “Hopefully, we should be entering these two markets during FY12-13,” he added.
Replying to a query, Kishore said that the company, at present, had no plans to enter the hospitality sector in the immediate future. “We might look at it if an opportunity arises, at a later stage,” he said.
New project for ‘Elite’
REFL on Wednesday launched Ramky Towers Elite, its uber-premium residential apartments venture, at Gachibowli in Hyderabad. Elite, forming a part of its 8.63-acre Ramky Towers, comprises two towers of G-19 floors each, and about 64 dwelling homes in total.
“The construction is almost 70 per cent complete and Elite is slated for handing over in March 2013. The project is entirely funded through customer advances and cash flows generated from four other blocks of Ramky Towers which has already been launched,” Kishore said.
Stating that the skyline of Hyderabad was being redefined and the industry was undergoing huge transformation in terms of design and construction practices, he said Elite boosts of features like access card entry to the block, video door phone, rain water harvesting and 100 per cent power backup.
“While luxury has no price limit, at Elite, the price of a simplex apartment of 2,410 sft-2,610 sft starts from Rs 95 lakh and a duplex with 4,990-sft-5,1010 sft comes for a price upwards of Rs 1.6 crore,” he added.
REFL, which develops projects in tie-up with various special purpose vehicles and with the group’s publicly-listed company Ramky Infrastructure Limited, reported revenues of Rs 160 crore last year. Its outlook for the current financial year is Rs 250 crore.