 "Real Value to raise Rs 200 cr from PE")
Announcing the company’s new Rs 500-crore residential project Padmalaya, here, V Suresh, chairman and managing director, Real Value, said so far the company had completed 3.3 million sft of residential projects and another 3 million were currently under construction.
Besides, the company has planned for another 6.2 million sft of new projects across categories, including budget (Rs 20-30 lakh), medium (Rs 70 lakh to Rs 1 crore) and upmarket (Rs 10 crore-plus). One of the projects include an exclusive 18 high-end Condominium at Greenways Road, Chennai.
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“The total construction cost of these projects would be around Rs 2,000 crore and will be completed in the next 5-6 years,” he said here. The company would look at accruals to the maximum extent to fund the projects and then look at domestic funds.
Meanwhile, the company is in the process of finalising one or two projects, which will be backed by PE funds and going forward, the money would be raised on a project-to-project basis, he said.
In April 2010, the company had raised around Rs 50 crore from ASK Property Investment Advisors, a venture of the ASK group set up to manage real estate dedicated funds. The money was infused in a residential project spread across 4.32 acres at Kottivakaam, here.
About Padmalaya, coming up near Siruseri here, he said it would have 1,154 apartments from 1 BHK, 2BHK and 3BHK, with starting price of Rs 3,199 per sft. The project will be taken up in phases and the first one with 600 units will be ready by April 2016.