Radhe Developers to raise funds through fixed deposits

Ahmedabad-based Radhe Developers has announced that the company plans to raise funds for its upcoming projects through fixed deposits and other means.

The announcement comes after the real estate company had evinced interest of investing around Rs 500 crore for residential and commercial projects.

The company is also in talks with other real estate developers as well as hospitality players for acquisitions and joint ventures.

The company, which is currently in the process of developing Emerald Park, Radhe Armaan, and Olympus Mall, new residential and commercial projects, is planning to acquire a resort in Kochi. For this, Radhe Developers is planning to invest around Rs 50-60 crore.

"We are in talks with a hospitality player in Kochi where we plan to acquire a resort. We intend to invest Rs 50-60 crore for the acquisition. Once successful, this maybe our first property in outside Gujarat," Ashish Patel, managing director of Radhe Developers (India) Limited had told earlier to Business Standard.

Radhe Developers' projects in Ahmedabad include Emerald Park, Radhe Armaan, and Olympus Mall.

While Emerald Park is a residential project consisting of seven different types of units of 1000 square yards and 5000 square yards, Radhe Armaan, a residential colony offering 6210 apartments of 675 square feet space, located in Santej, eight kms away from Ahmedabad.

Emerald Park will offer 328 farm houses. Besides, the company plans to construct Olympus Mall with 280,000 square feet of shopping area and a hotel with 300 rooms.

The real estate and construction company had earlier announced that it would be raising funds to the tune of Rs 500 crore by various funds raising routes from domestic and international markets.

The board of directors had earlier approved to raise Rs 500 crore by private placement of shares with buyers and from Global Depository Receipts (GDRs).

In the past, Radhe Developers has undertaken residential and commercial projects like Taksshila, Mandar Bungalows, Tulsi, Ganesh Plaza and Abhinav Arcade to name a few.