Patel Realty India Ltd, a wholly-owned subsidiary of Mumbai-based publicly-held Patel Engineering Group, plans to launch 3-3.5 million sq ft of projects valued around Rs.300 crore during the present financial year across the country.
Presently, around 7 million sq ft of real estate space is under construction across verticals like residential, commercial and retail space by the company.
â€śThe total project cost for these upcoming project is around Rs.300 crore this fiscal, which will be funded from internal accruals and cash flow from clients,â€ť according to the company insiders.
Patel Realty has around 1,100 acres of land in various parts of the country, which has been transferred to the company from parent group.
â€śAs we donâ€™t have to invest in land parcels, which is around 70 per cent of the total project cost, our investments are less in comparison to other real estate companies,â€ť he added.
He, however, said that it was difficult to give a sales figure as the company was working in all verticals of real estate market.
Patel Realty, which has a total sales income of around Rs.700 crore in last two financial years, is also planning to launch an integrated township project in Mauritius. The company will commit around $500 million in this project in a phased manner.
The real estate company also aims to launch more projects in Bangalore, Hyderabad, Mumbai and Chennai in the near future.