Century Real Estate: Bengaluru-based real estate developer Century Real Estate by FY25 is expected to generate plans to develop around 4.5 million square feet (MSF) of residential space in its home city by FY25 with an investment of Rs 1,700 crore. The company’s managing director, Ravindra Pai, told Moneycontrol that a pipeline worth Rs 5,000 crore has been set up.
Century Real Estate will launch Six New Projects
“We have surpassed our FY23 sales numbers in the first six months of the current financial year,” he said, adding, “Century Real Estate will launch six new projects in FY25.” Current proposals include 0.7 msf plot development, 5.48 msf apartments, and 2.1 msf mixed-use development in the city.
As part of its residential properties, the company plans 1 million square feet of luxury projects in the prime Indiranagar area. There are about 300 apartments at this Rs. 500 crore collective price. Additionally, 4.2 msf mid-segment apartments are planned in the Yelahanka area of North Bengaluru.
“We are doing a big commercial development near Hebbal (Bangalore Pier). It is about 2.5 million sq ft. We (Mumbai-headquartered) Godrej Properties have already delivered 1 project with 2.2 million sq ft. Along with million-square-foot commercial and residential projects. , in the last year we have reached 6 million square feet,” Pai said.
For FY25, the company said it is more focused on the mid-market segment. As mentioned above, the luxury segment is also very location-specific. “For a luxury residential space to come, there should be an already-ready infrastructure and a developed community. So our projects in the CBD (Central Business District) will be in the luxury space. However, in other parts, we are seeing,” he said
Plotted Development is Seeing an Uptick
Among the upcoming launches, the company said it is developing a 25-acre project with around 350 plots in Devanahalli, north Bengaluru. 40 lakh to Price between 50 lakhs, Size 1200–2400 sq ft.
Especially, there is a lot of interest in the development of plots. People want to buy land, but people don’t want to move a little away from the city. Plots also help a person build the house they want when they get divorced.” Pai said.
Pai Said Plot Developments
Plots are also picking up due to great returns, he added. Pai said plot developments have returned 13–21 percent annually in the last three years, with demand and prices increasing at least 30 percent in the last few years.
Developing Business Parks
“About 1 million square feet of area will be completed. A joint development of 2.5 million square feet with Prestige is in the final stages of approval. And in the next 60 days, we hope to launch it,” Pai said.
The company is considering seven more MSF business parks in North Bengaluru, comprising office, residential, and retail space. Pai said construction will begin next year and will take five to seven years to complete.
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