Sumadhura Infracon to invest ₹5,000 crore
Real estate developer Sumadhura Infracon plans to invest around ₹5,000 crore to more than double its residential and commercial portfolio over the next three years, its chairman told ET.
The company recently purchased 45 acres of land along Bengaluru's Outer Ring Road to construct a commercial facility.
In 2023, it plans to build three million square feet of new homes and develop two million square feet of land.
«Most of the project funding will be through internal accruals. We also enjoy good relationships with all the financial institutions.
We are in discussions with financial institutions to deliver next-level growth through platform deals.» G Madhusudhan said.
The company has purchased almost 100 acres of property in Devanahalli near Bengaluru and plans to venture into plotted development, with five million square feet of construction already underway.
«We will start with two million square feet of plotted development in FY 2023-24 and balance it with three million square feet in FY 2024-25,» said Madhusudhan.
Strong demand from home purchasers has led to a significant increase in sales from new launches for prominent national and regional developers.
The large markets of Mumbai and Bengaluru led the half-yearly sales, contributing 21% each of the total, with the majority of the residential sales driven by projects launched in the last 18-month period.
Residential launches of more than 151,000 units were recorded in H1 2023, a rise of 24% from a year earlier. According to JLL, the launches also increased on a quarterly basis, with over 76,000 units launched in Q2 2023.
