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Ardent Realty, a newly-floated subsidiary of Hyderabad-based real estate developer Janapriya Engineers Syndicate, will be launching a luxury apartment project at Banashankari Phase-I in Bengaluru with an investment of Rs 400 crore, according to chairman and managing director K Ravinder Reddy.
"The project, to come up on eight acre, with comprise 500 units each with a price tag of over Rs 60 lakh. We plan to commence work on the project in six weeks and complete it in the next four years," he told Business Standard.
Ardent Realty already launched a 300-unit apartment project at Hosur, which will be completed in two-and-a-half-years from now, Reddy said, adding that Janapriya had constructed 26,000 residential units in Hyderabad and Bengaluru over the last three decades, while 4,000 units were in various stages of execution.
Stating that the real estate sector in Hyderabad remained static after the bifurcation of Andhra Pradesh and that the market was bound to look up in the next two to three months courtesy the booming information technology sector in the capital city, Reddy said 60 per cent of the company's turnover came in from IT employees.
"The Indian real estate market still lacks transparency. We will look at tapping the capital markets via an initial public offering once the transparency levels go up ... probably after three to four years," he said, adding that he was expecting the interest on home loans to come down to 9.25 per cent, from the present level of 10.25 per cent, by next year.
Ties up with Housing.com to sell Rs 520 crore worth property
Real estate platform, Housing.com, today tied up with Janapriya Engineers Syndicate to exclusively sell 1,900 properties worth Rs 520 crore. Through Housing.com, home buyers will now have access to Janapriya's projects at specific prices ranging from Rs 16.95 lakh to Rs 56 lakh.
"We are ready to keep this inventory open for a year," said Azeem Zainulbhai, chief financial officer of Housing.com. The one-stop real estate platform has sold 200 units online in the last two months, and it is expecting a 10-fold growth in the next six months, he added.
Brushing aside some media reports that Housing.com was planning to raise Rs 500 million in a fresh round from its existing investor Softbank shortly, Zainulbhai said: "We do not have any foreseeable fund raising plans".
Founded by 12 IITians, the Mumbai based startup had so far raised $131.5 million, including $90 million from various investors led by Softbank in December 2014.
"We are currently focused on building our business. Fresh round of funds ... we may look at it by the end of this calendar," he said.
