Sobha Developers, a Bangalore-based real estate developer, is foraying into the Mysore realty market with three projects this financial year. The company has lined up a villa project on 14.5 acres at Jattihundi village and 500,000 sft each residential and commercial project on a seven-acre plot in Belvatha grama near Mysore.
Sobha Developers' presence in Mysore for the last couple of years has only been through a contractual project for IT major, Infosys Technologies. "Mysore entry is part of our strategy for tier II cities in Karnataka. Land for the projects was bought long time ago from internal accruals," said JC Sharma, managing director, Sobha Developers.
"We plan to take up 12 million sft of development this financial year (2008-09) spread across six cities with a budget of around Rs 2,200 crore. This involves our entry into Mysore, Chennai and Gurgaon realty markets. The investments for these will be through customer advance, internal accruals and debt," he added.
Sobha Developers during the financial year 2007-08 took up a similar scale of development (12 million sft) of which 90 per cent was residential.
The company has 28 ongoing projects and 20 proposed. In commercial development, three projects are ongoing aggregating 1 million sft and 20 projects forthcoming aggregating 16 million sft.
