Chennai-based Regaliaa Realty Ltd is planning to invest around Rs 65 crore in various hospitality and residential projects. The company, which is currently promoting mid and high-end residential projects, said it would also look at foraying into low-end housing projects.
The company has set up 11 services apartments under the brand Homcourt at Nugambakkam here and is planning to add five more in the same location.
“In the next 24 months the company is planning to take total number of service apartments to 100 with an investment of around Rs 15 crore,” said D Sudhakara Reddy, chairman and managing director, Regaliaa Realty.
It is looking at leasing out properties for the proposed additional apartments across Chennai, Hyderabad, Coimbatore and Pune.
“Currently the hospitality segment contributes less than 10 per cent to the total revenue, which was Rs 11.6 crore for the year ended March 31, 2010. This percentage will be increased to 50 per cent in the next two years,” he added.
The company has set of corporate customers, who are using the service apartments in Chennai and Hyderabad, including Cape Gemini, ICICI Prudential, Philips, Oxford Press, Bule Dart, and KPMG.
Commenting on the residential projects, Reddy said, the company was promoting a villa project ‘The FERNS’ on the Old Mahabalipuram Road with an outlay of around Rs 65 crore. Phase I of the project is complete and 16 villas have already been handed over. By 2011-12, Phase II will be completed with an outlay of Rs 50 crore. All the projects would be funded through internal accruals, said Reddy.