Asset Homes to invest Rs 1500 cr in three years

Kochi-based realty developer, Asset Homes, has targeted to invest Rs 1,500 crore in the next three years. The group is also planning to launch 20 new housing projects during the financial year 2013-14 with an investment of Rs 500 crore and has identified major cities and towns.

There will be 1,800 apartments in these projects, which would come up at Kochi, Thiruvnananthapuram, Kottayam, Kannur, Kozhikode, Kollam, Guruvayoor, and Thiruvalla among others, said V Sunilkumar, its managing director. The company also plans to construct 120 villas at Aluva, Thripunithura, near Kochi, and Thrissur.

Sunilkumar said they had identified 50 locations across the country for their 'affordable housing' project. This was scheduled to complete in a phased manner in five years. In the first phase, apartments will be constructed at 10 locations, mainly in the southern part of India. The first project will be launched in October. The average cost of apartment would be Rs 20-25 lakh targeting mainly the lower middle-class. It estimates an investment of Rs 400 crore for this.

Besides, six apartment projects at Thrissur, Kochi, Kottayam and Thiruvananthapuram would be commissioned shortly. Already, 16 projects are nearing completion at various locations of Kerala, he informed.

The group has projected revenues of Rs 2,000 crore by 2020 - a ten-fold increase from what it earned in 2012-13.

As part of the business diversification plans, the company is rolling out a number of initiatives. It plans to form a charitable trust and a finishing school at Kakkanad, near here, to help civil engineering graduates to enhance their employability skills. The finishing school will associate with a professional educational institution.

Asset homes also plans to get into the tourism infrastructure segment and high-end projects aimed at senior citizens. The company would also develop 600 apartments and villas for the Defence personnel at an estimated cost of Rs 300 crore in the next two years.

An MoU in this regard was exchanged between Wing Cdr Tarachand Prasad, managing director of Jupiter Infra, a real estate marketing company managed by professionals with Defence background based in Bangalore, and Sunilkumar . The projects will be located at Aluva, Cheranallore and Kalamassery, near here.

Meanwhile, the group has redefined the functional roles of its director board with KA Mohamed Saleem as chairman, V Sunilkumar as managing director and K Anil Varma as executive director.