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casagrand stepped into commercial The real estate segment is planning an investment of Rs 8000 crore in the next five years.
The commercial development will be carried out under its subsidiary Casagrand Commercial. The company aims to develop 10 million sq ft of commercial and retail space by 2027, with an estimated rental potential of Rs 900 crore annually.
Arun MNManaging Director of Casagrand said, “With great pride and joy, we are happy to inform you that we have forayed into commercial real estate. We plan to create a leasable area of 10 million sq. ft. across metro cities by 2027. We intend to achieve that. We will partner with landlords and companies and create strong growth plans in commercial real estate for years to come.
The company plans to launch 2 million sq. ft. Chennai and is looking to acquire 100 acres across the South for commercial development.
“Casagrand Commercial will develop commercial projects in Bengaluru, Hyderabad and other metro cities, which accounts for 40% of the total investment,” he added.
Casagrand Commercial includes experts from many areas such as product development, purchasing, engineering, sales, marketing and finance.
Last year, US-based alternative investment fund Verde Partners Invested Rs 400 crore in real estate developer Casagrand to buy land for development. The builder also received funding of Rs 1200 crore from international investors. Apollo Global and KKR.
The residential real estate firm is also planning to add 25 million sq ft by 2024 to achieve a sales target of Rs 4550 crore this fiscal, as against Rs 2300 crore last year.
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