Olympia group, a Chennai-based real estate firm, is planning to invest around Rs 1,000 crore to develop around 5 million sft in four to five projects over the next three years. The company is also looking to enter the residential real estate market in Kolkata to develop around 1 million sft with an investment of around Rs 100 crore.
Speaking to Business Standard, Chandrakant Kankaria, director, Olympia group, said, "premium villas and luxury housing market in Chennai has a huge potential and two of our projects are catering to this segment." The investment would be funded through debt, equity and internal accruals.
Another super luxury villa project in the East Coast road, would come up in an area of 35 acre. The luxury residential market in Chennai has a demand of around Rs 100 crore, he added.
Further, it is completing Phase-I of a residential project at OMR IT corridor with an investment of Rs 350 crore developing 1.5 million sft with around 1,000 apartments. Two premium house projects and one for affordable homes are also getting ready for launch in Chennai, he said.
To enter Kolkata
Besides, the company is also planning to develop around 1 million sft residential area in Kolkata through almost four projects. The first project in 200,000 sft catering to the luxury residential area would be launched in the city soon, he added.
“We will be launching seven projects together in Chennai and Kolkata in next six months,” said Kankaria. It is also exploring options to enter into Bangalore market in future.