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Our total land bank is 120 acres: Arihant Foundation
Arihant Foundation is a Chennai based construction company. It is currently involved in 18 projects in Chennai, which are in various stages of construction. MD of Arihant Foundation, Kamal Lunawath explains the company's business fundamentals.
Arihant Foundation is a Chennai based construction company. It is currently involved in 18 projects in Chennai, which are at various stages of construction. MD of Arihant Foundation , Kamal Lunawath explains the company's business fundamentals.
Lunawath mentions that their total land bank stands at 120 acres. He informs that the average acquisition cost for the land has worked out close to Rs 150 crore and based on conservative estimates of today, the value should be around between Rs 500-600 crore.
He further adds, "Our portfolio is close to 80% in residential segment, 10% in IT and commercials and remaining 10% is in the retail segment and hotel. If one takes the current development, what we have is close to 6 million sq.ft.; out of which close to 4.8 million sq.ft. is of residential development."
Regarding their joint venture plans, Lunawath says, "We have been working on a SPV (Special Purpose Vehicle) with one of the largest Indian developers, Unitech on 50:50 SPV of Rs 400 crore project in Chennai. It's a township of 2200 apartments covering over 2.5 million sq.ft. and we are looking to extend this relationship to further projects."
He further adds, "Our portfolio is close to 80% in residential segment, 10% in IT and commercials and remaining 10% is in the retail segment and hotel. If one takes the current development, what we have is close to 6 million sq.ft.; out of which close to 4.8 million sq.ft. is of residential development."
