Emami Realty has also invested Rs 223 crore on a 100-acre township in Jhansi during the pandemic
Emami Realty plans to launch projects in Bhubaneswar and Chennai over the next one year and a half. It has already invested an amount of Rs 187 crore for these projects.
In the midst of COVID-19 when most developers have postponed new launches, the real estate venture of business conglomerate Emami Group earlier invested Rs 223 crore on a 100-acre township project located in Jhansi in Uttar Pradesh.
“We are planning to launch a few projects within a year-and-a-half with a total area of approximately 21.5 lakh sq ft. All these projects were planned before the pandemic and we have decided not to postpone any of the launches,” Nitesh Kumar, MD and CEO Emami Realty, told Moneycontrol.
“During the pandemic, we have launched approximately 54 acres as part of phase one of a 100-acre township project at Jhansi and over the last two months we have sold an inventory close to Rs 24 crore,” he said.
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The integrated township project called Emami Nature will be developed in two phases. The company has launched over 200 plots and villas as part of phase 1. The township has a total built-up area of 48.66 lakh sq ft, of which 27 lakh sq ft in the first phase.
The plots and villas are priced between Rs 27 lakh to Rs 1.3 crore.
Jhansi is one of the prominent industrial district of UP which houses administrative headquarters of BHEL, Mysore Cement, Baidyanath Ayurvedic, Bharat Petroleum, Government Cotton Mills, Indian Home Pipe Ltd., District headquarters of Nationalized Banks, District Industrial Centre, UPIDC, UP Power Corporation among others.It is also a railway junction of North and Central India, explains Kumar,
adding currently there is no lifestyle residential product that exists in the city and the project aims to fill that gap.
The company has a pan India presence with over 3.6 crore sq ft development at different stages of planning, construction and delivery across West Bengal, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Orissa, Maharashtra and Sri Lanka. These projects are being executed under various Special Purpose Vehicles (SPVs) and joint ventures (JVs).
The group has launched and delivered projects including South City project (commercial cum residential), Urbana (residential) and Orbit Heights (residential) in Kolkata. Besides, it has projects in Chennai called Emami Tejomaya and Emami Aerocity in Kalapatti, Coimbatore. It is also currently executing a joint venture development in Mumbai called Montana Avante with Sheth Developers in Mulund.
“Emami Tejomaya Phase II in Chennai is priced between Rs 35 lakh and Rs 1.00 crore comprises 900 units and is a mid-segment residential project and would be delivered within 3.5 years. We are planning to launch an affordable project in Bhubaneshwar and would be delivering it within the same time. These units would be priced between Rs 25 lakh and Rs 55 lakh,” said Kumar.
A mix of mid-segment and affordable is expected to gain traction during and post the pandemic, said Kumar.“We will see companies such getting into joint development and joint ventures with smaller players. Consolidation would be the name of the game. Having said that, right now we want to focus on monetising our land banks first for and launch viable projects,” he added.