Salarpuria Group plans huge investments in India

Bangalore: Real estate developers Salarpuria Group plans to invest about Rs 3,000 crore in 12-14 projects across the country.

These will be a mix of residential, commercial, retail and hospitality, which are in various stages of implementation, located in Bangalore, Hyderabad, Pune, Kochi, Jaipur, Kolkata and Visakhapatnam.
About 13 million sq ft are under construction currently, said Mr Mahesh Khaitan, Director, Salarpuria Group.

The group announced the launch of a Rs 1,000-crore, 1,672-apartment residential project – Greenage, spread over 21 acres on Hosur Road. The first phase of the project would see 800 apartments being built, and is expected to be completed in 30 months.

Total built-up space in the project would be 35 lakh sq ft, which is only 25 per cent of the total area, said Mr Abhay Zachariah of Zachariah Consultants, who are the architects for this project.

Notable among the amenities offered are helipads, a crèche, tea gardens, a retail area that would have a convenience store, beauty salon, two theatres, and ATMs, and a media centre. There would be guest houses also for guests of residents.

The price would be around Rs 3,500/sq ft, Mr Khaitan said, adding that the revenue expected from this project is about Rs 1,200 crore. There would be a pre-launch offer till August 31, he said.

Currently, the company has a land holding of 600 acres within city limits across cities, Mr Khaitan said. There are plans to launch two malls in Bangalore at about Rs 600 crore.

The company also plans to build malls in Hyderabad and Jaipur. Besides, two hotels one each at Bangalore and Hyderabad are being planned, with investment of Rs 160 crore in each project.

Mr Khaitan said funding for the projects would be made through the company’s own funds, and tie-ups with fund houses such as Kshitij Venture Capital and Merrill Lynch at an SPV level.