India-based real estate developer Sumadhura Infracon has revealed plans for an approximately Rs50bn ($603m) investment in the coming three years.
The investment will be directed to double its residential and commercial properties portfolio.
The company intends to develop three million square feet (msf) of new housing units and 2msf of land by this year, reported The Economic Times.
Sumadhura Infracon chairman and managing director G Madhusudhan was quoted by the publication as saying: “Most of the project funding will be through internal accruals. We also enjoy good relationships with all the financial institutions. We are in discussions with financial institutions to deliver next-level growth through platform deals.
“We will start with 2msf of plotted development in FY 2023-2024 and balance it with 3msf in FY 2024-2025.”
The publication also reported that the firm has recently acquired 45 acres of property on Bengaluru’s Outer Ring Road to build a commercial complex.
In May 2023, Sumadhura Infracon bought approximately 100 acres of property in Devanahalli, near Bengaluru. It planned to develop warehouses and industrial projects in phases. Currently, construction is being carried out on a 5msf area.
The publication reported that the rising demand from house buyers has resulted in a large increase in sales from new launches for notable national and regional developers.