Sattva Group to invest ₹12,000-14,000 crore in housing, office projects
livemint.com₹12,000-14,000 crore in the next 2-3 years developing commercial office, residential, and hotel projects, said a top company executive. Around 40% of the planned investment will be deployed in office projects, 50% in housing development, and 10% in hotel projects across existing cities it operates in, such as Bengaluru, Pune, and Hyderabad. It is also set to enter two new property markets - Chennai and Mumbai, Sattva Group's managing director Bijay Agarwal told reporters.The investment will be financed through a combination of equity, debt and internal accruals like sales.
Bengaluru-based Sattva Group has completed roughly 80 million sq. ft of projects across various business verticals. Another 88 million sq.
ft is in various stages of planning and development - 23 million sq. ft under construction and 65 million sq. ft in the pipeline.
Sattva and Blackstone have partnered to develop 32 million sq. ft, of which 18 million sq. ft has been completed and the remaining is under development.
It aims to almost double its residential sales from ₹3,500 crore in 2023-24 to ₹6,000-6,500 crore in FY25. On the commercial office front, it is expecting a 20% growth in annuity income from ₹2,000 crore in FY24.“Up until the pandemic in 2020, our bigger focus was on the commercial office business. However, given the momentum in the residential sector since then, we have witnessed strong sales and have a significant launch pipeline of housing projects.
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