Century Real Estate in talks with global & domestic funds to raise over Rs 1000 crore
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Synopsis
The company, which currently has a 2.5 million sq ft portfolio of commercial properties, plans to double its office portfolio in the next four to five years.
By Sobia Khan, ET Bureau
Bengaluru-based property developer Century Real Estate is in talks with global and domestic funds to raise over Rs 1000 crore for commercial property development.
"We are in talks with some funds and strategic investors to create a commercial platform to build world-class office parks," said Ravindra Pai, Managing Director of Century Real Estate.
Century Real Estate, predominantly a residential developer, currently owns around 3000 acres of land across Bangalore.
As part of its growth strategy, the company is looking to tie up with builders who have a national presence to monetise a few of its land parcels.
"As per our future plans, we will develop 13.5 million sq. ft. of land ourselves. We have also identified 1 million sq ft of high-value land parcels which we are looking to unlock to raise equity," said Pai.
In 2020, Century Real Estate partnered with Godrej Fund Management for a commercial business park project, Century Downtown.
The following year, it entered into a joint venture with Prestige Estates to develop a 2.5 million sq. ft. office park in Bengaluru.
The company now also plans to focus on plotted development to drive growth.
"We have been doing fairly well with most of our plotted projects selling out within 3 months of their launch. Due to our past success and large land bank, we will look at launching at least 3 plotted development projects in the coming year, "said Pai.
Century Real Estate has 15.2 million sq ft of existing and upcoming residential projects, expected to be completed in the next 3-5 years.
The company's net sales grew 22% YoY and registered a 48% growth in collections for the quarter ended September 2022.
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The company, which currently has a 2.5 million sq ft portfolio of commercial properties, plans to double its office portfolio in the next four to five years. "We are in talks with some funds and strategic investors to create a commercial platform to build world-class office parks," said Ravindra Pai, Managing Director of Century Real Estate.
Century Real Estate, predominantly a residential developer, currently owns around 3000 acres of land across Bangalore.
As part of its growth strategy, the company is looking to tie up with builders who have a national presence to monetise a few of its land parcels.
"As per our future plans, we will develop 13.5 million sq. ft. of land ourselves. We have also identified 1 million sq ft of high-value land parcels which we are looking to unlock to raise equity," said Pai.
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In 2020, Century Real Estate partnered with Godrej Fund Management for a commercial business park project, Century Downtown.
The following year, it entered into a joint venture with Prestige Estates to develop a 2.5 million sq. ft. office park in Bengaluru.
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The company now also plans to focus on plotted development to drive growth.
"We have been doing fairly well with most of our plotted projects selling out within 3 months of their launch. Due to our past success and large land bank, we will look at launching at least 3 plotted development projects in the coming year, "said Pai.
ADVERTISEMENT
Century Real Estate has 15.2 million sq ft of existing and upcoming residential projects, expected to be completed in the next 3-5 years.
The company's net sales grew 22% YoY and registered a 48% growth in collections for the quarter ended September 2022.
(You can now subscribe to our Economic Times WhatsApp channel)
