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| Ceebros to invest Rs 450 crore in hotels, homes |
| BS Reporter / Chennai Jul 28, 2010, 00:23 IST |
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Ceebros group, a Chennai-based development company, is planning to develop projects worth around Rs 450 crore in residential and hospitality space.
Speaking to reporters after launching Rain Tree, the company's second hotel property here on Tuesday, C Subbar Reddy, managing director, Ceebros group, said the company had invested around Rs 200 crore in setting up a 230-room hotel at Anna Salai, which was inaugurated today.
The company is planning to set up another 200-room project near Chennai airport with an investment of around Rs 180 crore. This will be the third hotel property of the group which will be set up under the brand name Rain Tree by Ceebros Hotels Pvt Ltd.
Currently, the hospitality arm contributes around Rs 35 crore. “With the new property going on stream, the company expects another 30-35 crore during the current fiscal,” said Reddy.
Commenting on upcoming resident projects, Reddy said, the company was in the process of developing five lakh sft space. The selling price would range around Rs 1,300-1,600 per sft. The company acquired 60 acres of land at Oragadam for developing a township project, 40 acres at Chengalpattu, near Chennai and half a ground at Coimbatore.
It is also promoting a 350-apartment project on the Old Mahabalipuram road on the IT corridor. The land alone cost the company around Rs 80 crore for the company.
All these projects developed by Ceebros Property Developers Pvt Ltd, which expects to close the current fiscal with a turnover of around Rs 350 crore as compared to Rs 250 crore in 2009-10, said Reddy.
The upcoming projects, both on the residential and hospitably space, will be funded through internal accruals (80 per cent) and remaining as debt from Karnataka Bank, he said.
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