Bengaluru-based realtor, Gopalan Enterprises, plans to invest Rs 500 crore in the current fiscal year on three new residential projects in Whitefield, Electronic City, and Old Madras Road. Each project will have around 800-1000 flats with a collective space of 1 million square feet (msf) and their construction is slated to commence in the next 2-3 months.
Presently, the company is building two other residential projects - one in Kengeri (1500 flats) and the other in Rajyalaxmi Nagar(500 flats) - covering 3 msf.
"We sell around 40-50 flats per month, earning on an average Rs 40 crores per month. Last fiscal we did Rs 35-40 crore per month from sale of residential flats. In the current fiscal, we forecast a month-on-month (MOM) growth of 20-30%, '' C Prabhakar, director of Gopalan Enterprises told DH.
On the commercial side, the company is currently building two IT parks totalling 2 msf area in Bengaluru and Mysore. The present rental annual revenue from the commercial properties is around Rs 200 crore and the company is expecting this to go up to Rs 500 crore in the next 4-5 years.
When asked about the company's plans to list its assets under REIT, C Prabhakar, said, "In the next four to five years we will be completing commercial projects of 15msf. That's when we would like to go for it."
Expressing satisfaction with the business they are getting in Karnataka, he said that his company has no plans to move outside the State and termed the act 'a big challenge'.
It has recently forayed into manufacturing copper in Hoskote which it expects will bring in a revenue of Rs 270 crore in the current fiscal year.
Since its inception in 1984, the company has completed 30 msf of residential, commercial, totalling nearly 100 projects. Besides real estate, it has ventured into diverse industries such as hospitality, aerospace, education.
Published 02 July 2024, 00:02 IST