Sree Mitra eyes Rs 100cr turnover by 2007

To launch 'Digital City' at estimated cost of Rs 100-150 cr

City-based Sree Mitra Developers Private Limited, a leading real estate developer in the state which is diversified into group housing, tourism and resorts, expects its turnover to reach the Rs 100-crore mark by 2007.

The Rs 40-crore company is chalking out plans to launch Digital City, a 40-acre mega township wherein everything is digitally-monitored, at an estimated cost of Rs 100-150 crore.

"We dream beyond, with a goal to achieve. Everything that we see today was a dream before it became a reality. In a bid to move into the world of tomorrow, we are planning to come up with 'Digital City' project, which will be completed by 2007," Sree Mitra Developers Private Limited executive director Y Kiron told Business Standard.

The company, which was established in 1994 with its maiden group housing venture 'Indraprasta' with a working capital of Rs 20 lakh, has 15 ventures to its credit with a total investment of Rs 120 crore including its latest venture Vintage Valley, a Rs 15-crore project on a 100-acre land.

At present the company has a 45,000 membership-base and boosts off a 3,000-market force.

The 10-year-old company is also planning to expand its horizons to other states as well.

"As part of our first phase of expansion plans, we are coming up with a tourism project in Karnataka. The project, an adventure park with youth-oriented themes and water sports, would come up on a 15-20 acre of land. Estimated to cost around Rs 20 crore, the project would be completed by 2006. In addition to this, our R&D division is also studying the feasibility of taking up projects in Pune and other major cities," he said.

The company, which is also slated to become the first real estate business house to get an ISO 9001 certification in a couple of days, is also set to open its office in New Jersey next year.

The company at present has eight to nine per cent NRI clientele. To cater to the requirements of the NRIs aspiring to invest in the realty projects in the state.

"We are also in talks with the Singapore-based CPG Group, a leader in architecture designing, for joint ventures in India. We are likely to ink a memorandum of understanding with the Singapore firm next month," Kiron said.

Sree Mitra is also opening an 'Overseas Customer Care Division' on July 18. The Overseas Customer Care Division (OCCD) will provide elaborate information and services about our ventures online, and help customers take a decision on purchase. With the opening of the OCCD, we expect our NRI clientele to grow by 30-35 per cent by 2005.

Following the overwhelming response to its first tourism project "� the Rs15-crore Mount Opera "� the state's biggest multi-theme park, Sree Mitra has taken up another multi-theme park project on a 11-acre land near Nagarjuna Sagar Road in the outskirts of the city.

"Christened as 'Tarang', the Rs 5-crore multi-theme park will feature Buddhist, Shalivahana, Shatavahana and Moghul architecture, fusing Indian tradition and culture with the contemporary lifestyle. The construction work of the project will commence in a couple of months and the project will be thrown open to the public by December 2005," Kiron said.