Pune-based real estate developer Amit Enterprises Housing Ltd is in talks with three to four fund houses to raise Rs 100-150 crore as it prepares to launch five projects in the next three months, said senior officials.
The company today announced the launch of its affordable residential project ‘Astonia Classic’ at Undri in Pune.
“There is lot of interest from investors to invest in real-estate. We are in talks with atleast two to four funds. These are investments for specific projects. The talks are at advance stages and we are yet to decide on the fund houses,” said Kishor Pate, chairman and MD, Amit Enterprises Housing.
The company has lined up five projects for launch in the next six months that include locations like Sahkar Nagar, Ambegaon, Punawale and Baner Road in Pune along with a premium residential project at Prabhadevi in Mumbai. It already has a township of 2,000 plus homes under construction in Nashik. It has a total land bank of 400-450 acres. Of this about 200 acres is in Kalyan.
In 2010, Ask Group, a private equity firm, had invested Rs 30 crore in Amit Enterprises project in Baner area. “They are looking for an exit,” added Pate. Amit enterprises that has developed a total of 4 million square feet of propert in the last 31 years, has plans to construct over 7,000 plus homes in the next five years that involves construction of over 8 millions square feet. The Astonia Classic project is spread over 15 acres and will have 12 towers. The project will have only two-bedroom flats with 905 square feet area. As a special launch offer, the company is providing an all inclusive price of Rs 50 lakh for the first 100 customers.
“We see a huge opportunity in the affordable housing segment. Most of the projects that are being launched are in the category of Rs 1 crore and above and in that segment sales to take some time as the client is different. But in the affordable housing scheme especially in the Rs 50-75 lakh range we have not seen any demand-supply issue,” said Pate.
The possession for all the flats in the Astonia Classic project will be done in two years. “We have already booked 200 flats, now we are opening up our marketing channel,” added Rohan Pate, director, Amit Enterprises.
The company is also looking for redevelopment projects in Pune city area. “We have done a lot of redevelopment projects in the Pune city area in the past. Some of our projects itself are completing 20-25 years and several people have approached us. We may soon announce are foray again in this segment,” added Kishor Pate. The company which has about 35 acre land in Hinjewadi, a fast developing IT hub, may also look at developing a IT park.
