Chennai-based real estate developer Landmark Construction is planning to invest around Rs 450 crore in various residential projects. To support the expansion plan, the company said it was also open to raise money from PE players.
The company on Monday launched its project The Grange, ‘walk in and live’ model villas, on ECR at Palavakkam here.
Company managing director Udaykumar said the project had a total of 28 ultra premium villas. Each villa is approximately 4,800 sft located over three floors and is priced at Rs 12,500 per sft amounting to Rs 6 crore.
The project value is around Rs 165 crore and is estimated to be completed in 18 months, with all approvals obtained already.
Landmark Construction has completed 24 projects till date with a total built-up area of 5,75,000 sft.
The company is also setting up a project at Poes Garden here, where an apartment is priced at Rs 21 crore spread over 30,000 sft.
He said most of the projects were through joint venture, whereby the land belonged to the partner. Hence, the investments, which is estimated to be around Rs 460 crore by 2015, would only be in construction.
“We are open for equity investment, if we get some good opportunity,” he said. Besides, the projects would be funded through debt and internal accruals.
Landmark registered a turnover of Rs 200 crore in the last financial year. “We foresee a turnover of Rs 300 crore by the end of this year and our vision is to be a Rs 750-crore company by 2015,” he added.
The company recently diversified into service apartments by launching its second project at Sholliganalur.
