Bengaluru-based Vaishnavi Group plans to develop 6 million square feet (msf) of residential projects and 4 msf of office space in Bengaluru for a top line revenue potential of about Rs 5,000 crore.
"Last financial year, we completed about 3 msf of residential space and launched another 2.1 msf. We operate in the cost segment of about Rs 60 lakh to Rs 1 crore. However, today, we are pushing that to about Rs 6 crore," Darshan Govindaraju, Director, Vaishnavi Group, told Moneycontrol.
The company recently completed the development of 1.2 msf of residential projects in Yelahanka, comprising 896 units. "We partnered with US-based construction company Katerra Inc and the project was one of the largest pre-cast construction projects in the south," he added.
Among its under-construction projects, Vaishnavi Group has one in the central business district that comprises 2800 sq.ft premium apartments. The project will be completed by July next year and will be priced at Rs 21,000 per sq ft. The company is also completing a 53-acre plotted development in northern Bengaluru, which will be ready by August.
"We started the sale of the land at Rs 2,999 per sq ft but now it has appreciated to Rs 4,900 per sq ft to about Rs 50 lakh per plot. In August 2021, northern Bengaluru saw a major influx of plotted development projects. Today, those plots are seeing huge appreciation," he added.
Vaishnavi Group also plans a 62-acre development in eastern Bengaluru's Sarjapur locality. About 30 acres will be for plotted development, while the rest will be villas. The villas, sprawled over 32 acres, will start from Rs 11,000 per sq ft and the price of each unit will be about Rs 3.4 crore.
The company has also identified another 30-acre land parcel about 2 km away from the project for plotted development.
Additionally, the company is launching another 8 lakh sq ft in Banashankhari, and a 60-acre plotted development in a prime location of Mysuru.
"Today we are focusing on larger developments like villas and row housing, where we can maximise the sale per sq ft," Govindaraju said.
Robust launches in office space
Govindaraju said the company plans to commence construction of 3.75 msf of office space in Bengaluru, out of which 3.25 msf will be launched in the current financial year.
"We have completed about 5 msf of Grade A office space in the city out of which about 1.5 msf was completed last year. Additionally, we are looking to enter Hyderabad this financial year," he added.
Within six months' time, Vaishnavi Group will also commence work on the Chalukya Hotel to develop 1.5 lakh square feet of Grade A office space in the city’s central business district for a rental return of about Rs 335 crore.
The company has currently started construction of 5 lakh sq ft of Grade A office space in southern Bengaluru, opposite Vega City Mall in JP Nagar. "It will be completed in 18-24 months. We have signed up for an additional 17-acre land parcel close to Airport Road in the north with a development potential of 2.5 msf," said Govindaraju.
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