Ramky Estates eyeing foray into affordable housing in 2018

Ramky Estates eyeing foray into affordable housing in 2018

Hyderabad: City-based realty developer Ramky Estates & Farms Ltd, which is a part of the Rs 4500 crore Ramky Group, is eyeing a foray into the affordable housing segment by the end of 2018 and expects to race past the Rs 500 crore turnover mark in financial year 2018-19 with around 9.5 million sft (msft) of projects being planned and under execution over the next two to three years.

The company, which hopes to close FY18 with a turnover of around Rs 350 crore and currently has about 9 msft under construction across 14 projects in Hyderabad, Chennai, Bengaluru and Warangal, is also eyeing a foray into the Andhra Pradesh market with projects in Vizag and Vijayawada.

Nanda Kishore, managing director, Ramky Estates & Farms Ltd told TOI here.

On the affordable housing foray, he said the company is scouting for locations in the industrial belt in cities like Hyderabad, Bengaluru, Mumbai, Chennai, Delhi NCR, Vizag and Coimbatore.

Pointing out that Ramky Estates expects to develop 22msft over the next nine years, Kishore said currently the highest number of projects under development and planning are in Hyderabad.(4.3 msft), followed by Bengaluru with 1.6 msft and nearly 1msft each in Chennai and Warangal, where it is developing a 28-acre integrated township.

“The company has, since 1996, completed and handed over 12 msft of projects.”

News Souce: Times Group & The Hans India.