Marg Properties, the residential arm of Chennai-based real estate and infrastructure development firm Marg Ltd, is planning to launch residential projects worth a sale value of Rs 563 crore in Chennai in the near future.
"We are planning to add around 3,000 homes through new projects and expansion in some of the ongoing projects, this year," said S Ramakrishnan, CEO, Marg Properties. The funding would be from debt, equity, internal accruals and advances from customers.
The project launches in the pipeline include a Rs 284 crore project in OMR, a Rs 213 crore project in East Coast Road (ECR) and a Rs 66 crore in Kazhipatur, in Chennai. In the current fiscal, the company has already announced launch of Kalpavriksha, a residential project in Old Mahabalipuram Road (OMR) at a project cost of Rs 42 crore, according to company executives.
The company has identified growth corridors like the Old Mahabalipuram Road (OMR) and the East Coast Road (ECR) in Chennai, as potential areas for real estate investments, considering the amount of industrial growth happening in the area. It has a pipeline of 6,000-7,000 homes for the next few years through various projects in Tamil Nadu, said Ramakrishnan.
The company is targeting a total of 10,000 homes to be completed by 2013-14. It would launch around two projects in each quarter of the fiscal, in the near future.
The company plans to explore joint venture opportunities with property owners for some of its future projects.
As part of brand promotion, the company has earlier launched Marg Properties Shoppe, outlets where potential buyers could visit and gather information about the real estate scenario in Chennai and details of Marg's real estate projects. It has also introduced a mascot for the company, in order to build brand awareness.
The company has reported a revenue of Rs 330 crore in 2010-11 including from its some of the ongoing projects and targets to end the current fiscal with a revenue of around Rs 500 crore, said company officials.