Incor Infra looking to add land parcels

Incor Infrastructure, which has two ongoing projects in the city is looking to add land parcels of 2-5 acres for its future projects. “Now is the best to time to identify land parcels. Land holders are also more open and are looking for a good builder,” said Surya Pulagam, managing director, Incor Infrastructure.

The company, which holds 10 per cent stake in another infrastructure developer PBEL Property Development, currently holds land to the extent of 1 million sft (23 acres). It would take up new projects in residential, retail, corporate and hospitality verticals once the ongoing projects are completed.

Its ongoing projects include a residential project Bonsai Homes at Tellapur, of which the first phase with 60-80 apartments would be ready by December this year. Its IT office premises at Gachibowli would be ready by the middle of next year.

 

The company is also planning a 250,000-sft mall at Kavuri Hills, the work on which would begin next month. To be called Promenade, it would be completed in 18 months.

Pulagam said there was 5-10 per cent price appreciation in their own projects over the last six months, with the current price at its residential project at around Rs 2,800 per sft. The market has turned a supply-determined one from being a buyer's market recently.

With the IT sector expected to grow 20-25 per cent and high networth individuals returning from abroad, Pulagam said most of the developments would be absorbed.

The company has invested Rs 40 crore in the ongoing projects, and plans to raise an equal amount in debt. It is exploring opportunities in its existing verticals in Bangalore and Chennai.

The company plans to diversify into school education as a new vertical, having gained experience in a school it set up in Nalgonda as a corporate social responsibility initiative.

It plans to set up 3-4 schools in districts in 2012. It is looking at emerging opportunities in paramedical training, pinning hopes on a government policy to introduce short-term courses in healthcare.